THE CLOSE

Markets closed off their worst levels with the DJIA -137, NAZ -9 and SPX -15 and below the SMA 50 again.

Strongest sectors include metals, ags, semis, defense and biotech while financials, real estate, reits and homies lagged.

NYSE- 1,000 net losers;

NAZ- 450 net losers;

NDX- 35 GREEN;

OEX- 25 GREEN;

IBD- 30 GREEN;

VIX higher by 5.5% at 21.25 and a hair under its SMA 10;

Down volume 8/3 the up with very light volume overall;

GOLD- $822;

CRUDE- $113+;

Financials the story of the day as JPM/GS both downgraded hard by the heavy weight analysts- and the SMA 50 on the SPX also lost during the late day sell off.

RSI (2) levels not quite at buy levels as SPX -42, DJIA -40, RUT 65, NAZ -71 and NDX 90;