CLOSING FACTS

An ugly afternoon for the major market indexes as the financials continue to stink up the markets - note the GS note that US banks may need an additional $65 Billion in capital- so the BKX/XLF both down 3% + as I type.

The DJIA -105, NAZ -15 and SPX -9;

And where are all those TV gurus who pleaded with us to buy big caps for the last eight years- note the MID up on the year while the SPX/DJIA both down close to 8%.

Strong sectors today in the momo areas- oils, shipping, ags, steel and metals while banks, brokers, reits, real estate, homies and insurance brought up the rear.

NYSE- 620 net losers;

NAZ- 850 net losers;

NDX-20 GREEN;

OEX-25 GREEN;

IBD-70 GREEN;

VIX- up 1% with the major indexes way down;

TRIN- 1.13 - almost 2X downs to ups with very light volume;

CRUDE $134;

GOLD- $887;

EURO- 1.55;

RSI (2) levels pretty telling:

SPX 37

DJIA 27

NAZ 57

NDX 61

RUT 61

MID 80

XLE 89

XLF 27

MOO 91

OIH 89

So as long as the financials continue to act poorly a nice strategy would be to short the pull ups in DJIA/SPX or even go long QQQQ/IWM /MDY and short SPX/DIA.