After several days of promising news, markets are lower this morning with the DJIA -125, NAZ -30 and SPX -18.

Strong sectors- utils, bonds, biotech, internets and drugs while banks, shipping, brokers and semis lag.

NYSE- 1750 net losers;

NAZ- 1200 net losers;

NDX/OEX -15 green on each;

VIX- up 7% at 42.4;

Down volume about 8X the up;

TRIN- 1.68;

New home sales way lower than expected at 330k vs. about 400K expected.

Markets moving down rapidly and yesterdays gain about 2/3's wiped out 30 minutes into trading. Sell signals abounded yesterday with VIX way too low at 15% below the SMA 10 and RSI (2) well over 95.

Looking for some support at NQ 1200.


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