LATE AFTERNOON TRADE

Short covering probably into the close as down 300 on the dopey DJIA was enough for me to cover- and down 70 on the NAZ/NDX - also good enough for the day.

How about Sue Herera on CNBC looking like she was going to cry as she didn't like that GS downgrade GM/C way too late in her opinion despite the 10%/5% price reduction just today.

And she also wanted the Fed to raise rates so the dollar wouldn't be clobbered- Sue, breaking news- they aren't going to raise rates while the economy is poor and while a big election looms.

More breaking news- the VIX at/near 23.75- and only 12/15 points off the recent highs - could be a real ugly tell of lower lows in the near future.

RSI (2) levels near the close:

SPX 10

NAZ 18

RUT 18

MID 12

XLE 20

DIG 23

DJIA 1

EFA 0

And how about Bob Pisani nailing the bottom in financials yet again (a new bottom most days) and the top in oil (new all time high today).

Anyhow, closing out all short positions and waiting for what tomorrow will bring. Maybe a long in DIG XLE OIH.