NOON SWOON

Another brutal day for the longs as the markets make a round turn and are now down a the lowest level on the SPX in two years.

NYSE/NAZ market internals at 2800 net red;

NDX/OEX- 40 GREEN;

VIX- higher by 8% and soaring near the 27 level- and 13% above the SMA 10;

Down volume 3.5X the up;

Crude $141.5

Hard to believe the SPX was almost 100 points higher on June 25, about 6 trading days ago at 1336-;

I will be looking to scale in to some long positions either at the close or tomorrow morning- Turnaround Tuesday sounds about right especially with RSI (2) at these levels:

SPX 6

DJIA 20

NAZ 5

NDX 15

RUT 1

MID 1