THE DOWNER

Markets have opened lower and its as if yesterday didn't happen- just like I said - failure at the 825 area- a day late but not a dollar short. Anyhow SPX -15.5, NAZ -32 as both are down about 2%.

Strongest areas- junk bonds, biotech, drugs, ags and utils while real estate, shipping, energy and tech lags.

NYSE- 1700 net losers;

NAZ- 1225 net losers;

NDX - 7 GREEN;

OEX- 10 GREEN;

VIX- higher by 3% at 41.6 and it continues to be almost stationary regardless of the markets action;

TRIN- 1.92 with Down volume about 9x the up;

Gold - down $8 at $925;

Crude down $2.5 at about $52;

Ten year Note still hanging at about 2.7%;

Looks like a day that will be a slow grind lower - and the fish is short SRS SDS and SKF I guess the S trifecta from the short side- as I suspect the selling has just begun and we eventually retest the 812/810/790 area and find support again at the SMA 50.

Finally, sad to see the Dukies lose last night- but I expect Nova loses to eventual winner Pitt- although they have been struggling - but what a football team they could be.