THE CRUSH

Not surprisingly the markets closed at/near the lows of the day with the DJIA closing down 225, the NAZ- 43 and the SPX -22.

All the major sectors closed in the red with airlines, homies, brokers, gaming and steel acting the worst.

NYSE- 1300 net losers;

NAZ- 1100 net losers;

NDX- 7 GREEN;

OEX- 8 GREEN;

IBD-23 GREEN;

VIX - up 6.5% to 18.7 and trading 5% above the SMA 10- hardly over bought enough to get very excited;

TRIN- 1.83- with heavier volume than usual at 1.3 B shares traded with Down volume 4X up;

RSI (2) levels:

SPX 6

DJIA 6

NAZ 5

NDX 4

RUT 6

MID 7

Note that in spite of crude moving up to near the $134 level the OIH sank over $4 to under $214 and the XLE also down 1.6% to under the $89 area.

Looks like next area of support for the longs is 48 on the QQQQ as it has been recent support and is the 50% retracement from the 55 high and 41 recent low- 48 also the SMA 200.

Support on the SPX at 1380 area and the 38.2 retracement area-

Congrats to anyone who jumped aboard the SKF long - was a big gainer today for this fish.