THE CLOSE

Markets closed lower for the first time in what seems forever as the SPX lost 10 and the NAZ 8- There was same late day strength in tech land as MSFT closed higher by over 1%.

Strongest sectors- metals, energy, shipping and ags while banks, brokers and real estate lagged.

NYSE- flat internals;

NAZ- 250 net losers;

NDX - 40 GREEN;

OEX - 33 GREEN;

VIX working off the over sold level quickly as it jumps 9% at 43.66 and is at the SMA 10;

TRIN- 1.5 with down volume about 1.5X the up and heavy volume at almost 2b shares;

Gold - closed at $960 and up almost 2% on the day;

Oil- +5% at $51.4;

RSI (2) levels- also coming down quickly from the very over bought levels:

SPX 60

NAZ 74

NDX 79

RUT 70

SPX 800 looks like the big area of resistance for now and any approach to there probably continues to get sold- Tomorrow maybe an acceleration of the sell off as REAL ESTATE found some real sellers late day today - could indicate some more problems for financials tomorrow - but one day at a time.