THE DIVE

Shocking how the markets closed at/near the lows again with the only bounce during the day being Hank Paulson's latest take on the Covered Bond insurance- that helped for about three minutes.

The DJIA closed -240, NAZ -46 and SPX -23;

Strong sectors- steel, oils, metals and shipping while brokers, banks, insurance and homies were the worst.

Market internals pretty crummy at 2800 net losers between NYSE/NAZ.

VIX +6.5% at 24.4 and barely above the SMA 10;

RSI (2) levels - market getting short term oversold with most indexes below 20;

Interesting how all the worst performets from the dive down to 1200 are the worst performers again- GM C MER AIG BAC JPM SIRI UAUA SHLD YHOO AAPL LEH F etc.

Sold all my inverse 2X ETF's today as it was a bit over done and tomorrow may yet be Turnaround Tuesday- anyhow - if not , can always reload on the short side.