THE UGLY

Another very ugly day as the minor bounces get sold and a close at/near the lows is to be expected.

Semis, utils, drugs and telecom doing less worse than the bad such as shipping, internets, gaming and metals.

NYSE- 2455 net losers;

NAZ- 1900 net losers;

NDX/OEX- 10 winners between the two indexes;

VIX- higher by 7% at/near 65.6;

Down volume about 15X the down;

Ugly is uly and the small caps act the worse which doesn't give me much confidence for any kind of bounce into the close- also the VIX about 25 points under the recent high while the SPX about 20 points above the recent lows- so a new low on SPX appears to be coming in front of a lower VIX - which is not bullish IMVHO.