THE SADDLE

Back in the saddle after a few days R and R and some personal business- and thanks for the nice comments wondering ab0ut my where abouts- all is well.

The markets open lower with the DJIA -86, NAZ -10 and the SPX -7. The RUT/MID doing better as both are barely red.

Leading sectors include metals, ags, oils, semis, banks and brokers while telecom, utils, retail, defense and gaming lags.

Crude hit a new all time high this morning near the $140 level while gold is also moving on up nearing the $900 level.

VIX- up 6% and a hair above the SMA 10;

RSI (2) levels:

SPX 52

DJIA 45

NAZ 61

NDX 56

MID 64

RUT 63

XLE 73

XLF 73

OIH 71

Markets a bit over sold at these levels but waiting for now as it will take a little while for me to get back in the swing.

The action in GS is encouraging as is the action in all the major banks which are higher on the day.