THE WRAP UP

Markets closed down but well off the lows of the day and actually bullish action in the last 30 minutes as it seemed like dippers wanted to buy some discounted merchandise. The DJIA closed lower by 100, NAZ -31 and SPX -11.7.

Strongest sectors- gaming, gold, high yield and telecom while ailrines, semis, retail, homies and small caps lagged.

NYSE- 1350 net losers;
NAZ- 1470 net losers;
NDX- 18 GREEN;
OEX-20 GREEN;
IBD 18 GREEN;

VIX- up a smidge into the close +2.3%;

Down volume 3X up with more total volume than the past few days;

TRIN- 1.06- note the TRIN has been under 1.0 for the last 5 days prior to today and definitely in over sold territory- check this article for a TRIN trading method;

GOLD- Flat at $918;

Crude- $119;

EURO- just about 1.6;

10 year Note- 3.72%;

How bout those airlines- XAL down 12.3% and it seems like the index is heading straight to zero - check the longer term chart of that group - ouch- and if you think it is $118 crude that is causing the pain, they were losing their shirts when oil was $10 a barrel.

The general market activity in the last hour hints to me that this market wants to go higher and if oil can pull back a bit we may have a huge rally. Till then I would continue to wait for over sold signals before committing more longer term capital.

And a big rally in the after markets as I type- hmmm-;

Investing in Canada;

Signs of a/the bottom?