AFTERNOON SWOON

Not much good can be said about today's action as the financials give back a lot of yesterday's gains along with the brokers, homies, reits and real estate.

FRE/FNM look to be heading to hat size prices as they both get pounded - and is any one wondering if the US is heading to a Japan type economy- note their market peaked at/near 30K almost 20 years ago and now trades near 13k.

Note the 10 year heading straight down to the 3.84% area while the dollar heads lower and what ever happened to the talk of raising rates to save the dollar and hold back inflation- ? Not today.

Gloom and doom as we appear to be heading back to the recent lows near SPX 1240 as the bulls run out of steam. Some feel that 1260 needs to hold - that number looks like toast as few will likely want to buy on a day such as this.

Barrons on the VIX;

More on the Bear;

And check out these top funds;