CLOSING UGLY

Equity markets closed lower after tanking in the last 45 minutes of trading- not sure what happened but we went from the highs of the day to the lows - SPX -1, NAZ -3 and DJIA -15.

Strong sectors- ags, junk, energy, metals and retail while real estate, banks, fins and small caps lagged.

Internals were pretty flat at the close while the SPX had 277 green and the NDX with 52 positive.

Volume very light at about 1B shares traded and downside volume finally winning the day.

VIX up 4% at 32.63;

Gold silver crude euro wheat and corn all higher while the dollar and bonds were lower.

Dont know where all the sellers came from in the last 45 minutes but it did surprise me in light of the little ramp to the highs before the push lower. I did not do one trade today and pretty happy about it.

Looking to buy back some DBA/TBT for a longer term hold - just need a pull back first -

Some fine links going into the long weekend:

Jeff Macke gone from CNBC and by the comments it appears most prefer him to CNBC- he is good guy and I wish him well;

NATGAS telling a different story from rude crude;

Kass with the revenge - hmmm;

Cheney- not such great publicity;

BESPOKE on the pullback;

Reflation trade portfolio;

And some weekend amusement;