THE CLOSE

Markets closed off their worst levels but down 511 on the DJIA and -58 on the SPX- so another ugly Wednesday.

Best sectors and red included internets, tech, defense and biotech while oils, metaks, ags and shipping were the worst.

NYSE- 2200 net losers;

NAZ- 2050 net losers;

NDX- 9 GREEN;

OEX- 5 GREEN;

VIX- higher by 31% at/near 70;

Light volume with down about 30X the up;

RSI (2) levels 15/20 on major indexes and a short term rally probably going to happen pretty soon- next day or so- shorts generally off the table for now and will see what tomorrow morning brings.