CLOSING CALL

Another down day in the markets despite the $4 drop in the price of crude and the crushing in other commodity based equities. Sounds like some hedge fund liquidation and a nice quote from Rick Santelli- "from long commodities to long margin calls" about appropriate.

Strong sectors included drugs, semis, gaming, internets and retail while oils, shipping, ags, steel and metals all were lower.

Market internals weak all day closing with 2000 net losers on the NYSE/NAZ;

Check out the price action in XLE which is back to the March lows at/near $70 and look where oil was at the time- kind of comical.

Tomorrow another day and day trading looks like the way for now-