NOON SWOON

So just as Ned Riley tells every one what a great place financials are to invest -in comes SP with their down grades- and an ugly sell off ensued. Ouch- although pretty pretty good for the SKF longs - which is up about 5% on the day as I type.

The DJIA -190, NAZ -49 and the SPX -21 and a hair under the SMA 50- the close will be interesting.

Strongest sectors include- solar, metals and oils while financials, brokers, banks, gaming and real estate lags.

NYSE- 1430 net losers;

NAZ- 1540 net losers;

NDX -5 GREEN;

OEX- 5 GREEN;

IBD-45 GREEN;

Remember, markets that are weak all day tend to close at/near the lows and I will give it an underline when the financials are particularly ugly like today.

BESPOKE with some new charts.

And how about this from Dougie Kass on the banks last week.