THE BROKERS

That makes two ugly closes in a row after impressive openings and morning trading- the SPX -4.6, NAZ 7 and the DJIA -53.

Strong sectors- metals, materials, energy, ags, junk and drugs while homies, fins, retail, real estate and broker lagged.

SPX - 183 green;

NDX- 32 green;

VIX up 1% at 29.06 and about 10% under the SMA 10;

A very unimpressive day for the bulls who may now be in trouble of making lower highs and clear resistance at 930- In addition, the group that led us up - the fins did well this morning then sold off hard all afternoon. In fact the XLF opened near the highs and drifted lower-

GS MS were early tells that this market was going to have some problems and keep an eye on them now as they appear to be very important to the entire equity complex.