USUAL CLOSING

Markets closed at about their lows with accelerated selling into the end of they day.

Shipping, utils and biotech the best sectors while financials, brokers, real estate and gaming lagged.

NYSE- 1650 net losers;

NAZ- 1000 net losers;

VIX- higher by 4% at/near 69;

Weak volume with down better then up 5/1;

The quick take - looks to be a trading range between 820 and 1010 on the SPX - so near the bottom as I type-

RSI (2) levels near 25 on most major indexes so any decent dip should get us near a buy level- also turnaround Tuesday just to throw something else into the pot - and is a GM bankruptcy baked into the market averages? Just wondering - Comments?