UGLY DAY

Markets have turned pretty ugly and its pretty clear that someone was doing something yesterday afternoon causing the DJIA to go higher while most stocks didn't.

Witness the A/D line today with 1700 net loser on the NYSE and 900 net red on the NAZ;

NDX/OEX- each with about 20 GREEN;

VIX- still no much fear at a hair under 24;

Down volume swamping up 5/1;

All the big banks/brokers/exchanges way down and Vince Farrell still defending his multi bottoms call in the financials- not sure why they keep putting him on TV;

LEH- down 35% and everyone wondering why- well not sure it matters as I doubt they get much business going forward and folks probably pulling their accounts in a repeat of the BSC fiasco- and how about Bove telling us this AM how smart he was telling everyone to buy BAC in the 20's forgetting how he told us to buy LEH at twice the price about 10 days ago.

Sectors in the green- none- with brokers, metals, steel, shipping, ags all crushed.