THE UGLY CLOSE

Markets closed at/near the lows - the SPX anyway as it closed down 37 at 833 while the DJIA was down 290 and the NAZ -65.

Strong sectors- metals, bonds, utils and drugs while fins, real estate, shipping and homies lagged.

NYSE- 2500 net red;

NAZ- 1860 net red;

NDX/OEX- 7 GREEN out of 200;

VIX - up 16% at 39.4;

TRIN- very ugly at 2.9 with heavy volume and 30x to the downside;

The words most bulls don't want to here is how the market closed way lower on heavy volume - and that is what we had today.

Next areas of support at/near 825/830 on SPX as the 90/100 SMA's come into play. And the fins were just awful - as BAC was down 24% BKX red by 15% and JPM -10%;

So all eyes will be on the financials tomorrow to see if they can get their jig back.