UGLY CLOSE

There it was- big ugly reversal and no one can seem to figure out the reason- maybe SPX 1300 again- maybe the ongoing Sarah Palin fiasco or maybe the spike for Obama - or something else- no one seems to have it.

Anyhow, DJIA -27 after being up 250, NAZ -18 and SPX -5 - one good thing is the out performance by the financials- it was the case on Friday and again today.

Strongest sectors- airlines, retail, banks, homies and insurance while metals, oils, ags, shipping and utils lagged.

NYSE- 275 net winners;

NAZ- 70 net losers;

NDX- 50 GREEN;

OEX- 60 GREEN;

VIX- higher by 6.5% at 22;

Up and down volume about equal and light overall at 1.15B;

SPX hit its head at 1300 and moved down rapidly through the day to the 1275 level- and here we go between the recent highs at 1315 and the lows at 1250- so I guess most are looking for a break in one direction or the other but for now- its playing in between.