WILD CLOSE

Markets ended the day higher although well off their worst levels as the SPX gained 7.6 and the NAZ +12. After the early push higher the SPX tagged its SMA 50 at/near the 792 level and screamed higher into the close.

Strong sectors- banks, metals, brokers, fins and homies while ags, energy, trannies and telecom lagged.

NYSE- 1200 net winners;

NAZ- 1100 net winners;

NDX- 66 GREEN;

OEX- 63 GREEN;

VIX - flat near 42.2;

TRIN- 1.16 with up volume about 2x the down;

Gold higher and crude lower;

SPX 805 level gave way in the morning after the ramp higher and the SMA 50 held at 792 and the market bounced from there - note both bulls and bears were scared as all the key numbers were attacked on both sides.

My suspicion is that the bulls one the day today but the joy in bullsville is about to come to an end as the next test lower may not be as successful.