ANOTHER BOUNCE

Off the lows as the SPX shockingly hit its low at 1169.49- about 50 cents off the 1170 I was expecting as the 50% retracement from the 770 low in October 2002 to the October 10 2007 high of 1575.

Strong sectors - banks, reits, shipping, bio and internets while metals, oils, steel, emerging markets and gaming lag.

NYSE- 1875 net losers;

NAZ- 830 net losers;

VIX- up another 5% at near 33.25- and showing lots of relative fear;

Not very excited about the markets here as I expect another move lower - so still keeping my powder dry as we saw the same thing yesterday-