THE BIG NIGHT

Markets closed near the unchanged line on the DJIA and red on the SPX/NAZ with the RUT up almost .5% and strong all day.





Strong sectors included brokers, homies, reits, banks and small caps while semis, metals, oils, tech and shipping lagged.





NYSE/NAZ flat internals;


NDX- 33 GREEN;


OEX- 40 GREEN;





WINNERS- LEH IP WB HD C NYX MER WFMI PETM GILD SHLD LINTA VAR EZPW BRKR BWLD BABY GM HD AIG;





LOSERS- INTC AA CAT HPQ MCD IBM BUCY IDSA FLS AZZ HES GHM MEE AKAM MA HAL TXN S EXC DELL JOYG MRVL FMCN ALTR LRCX BIDU;





VIX -down 2.5% at/near 21.45;





Very low volume again with up and down shares about equal;





Relative strength again in the financials and probably time to send a big thank you over to the folks who said to invest in the safe tech space- well not really.


Also note GS was down early after the down grade and closed up over $2.

RSI (2) levels at near 10 on the NAZ/NDX and 25 on the SPX and 45 on the DJIA;

For now looks as though SPX 1265 continues to be the area of support while 1300 continues as resistance.

Big night for repubs and dems alike as Sarah speaks - hard to dislike her as the only things we know about her are that she has lived a sheltered life in Alaska and has a very conservative philosophy.





My guess is we will here from her tonight and she will do well- but a week from now we will start focusing on the post convention polls and the first debate which will have much more importance than anything Sarah says tonight.