THE DUMB DJIA

The bell rings and the markets close down 109 on the DJIA down 2 on the NAZ and -4 on the SPX- as more analysts declare the financial stocks to be in worse shape than most realize- my guess- yes - they are correct and correct they are going lower;

Strong sectors- metals, oils, shipping, ags and utils while banks, gaming, brokers, retail and real estate lagged.

NYSE- 430 net losers;

NAZ- 220 net gainers;

NDX- 40 GREEN;

OEX- 30 GREEN;

VIX- about flat at 21.5 and still nearer the lows then the highs;

Light volume yet again with 1.5x to the downside;

Still looking for lower prices as the charts look to this fish to be much nearer the highs than the lows in the short term- and a 50% retracement to the 1255 area should not shock anyone -well maybe someone.