ALL ABOUT THE 7'S

A very ugly final 60 minutes for equities as the SPX gave up about 16.5 points and the NAZ about 37 after both acted fairly well for most of the day in light of yesterday's monster rally.

Sectors- strongest retail, junk, defense and gaming while real estate, banks, small caps and brokers lagged.

NYSE- 1225 net losers;

NAZ- 1100 net losers;

NDX- 15 GREEN;

OEX- 25 GREEN;

VIX- flat as the DJIA was down 115- hmmmm;

TRIN- 2.1 with down volume about 6x the up;

Overall volume a hair below yesterday's blow off top.

SPX stopped at the 806 level and all eyes will be on a 7 handle- my guess is a 7 handle gets lots of folks stopped out on the long side and may trigger a significant sell off - Tomorrow obviously becomes a key day.