CLOSING STRONG

Markets closed lower but turned in a decent performance this afternoon as they hit their lows around 12:30 and slowly climbed back up all afternoon.

The SPX closed down 7 at 835 and the NAZ down 15 at 1607.

Strong sectors - defense, gaming and drugs while metals, banks and brokers lagged.

NYSE- 1170 net losers;

NAZ- 1055 net losers;

NDX - 35 GREEN;

OEX- 25 GREEN;

VIX- up 3% at 41;

RSI (2) levels at near 60 on the major market indexes;

Hate to say it but that was classic bull market action with the lower open and soft prices in the morning followed by a steady move up all afternoon-

Some strong action in tech with AAPL and RIMM very strong all day - V a little disappointing as it didn't ramp into the close and didn't act well all afternoon- still have a small position there as I don't think the stock is nearly done.