LOWER FUTURES

Its early- very early but the futures are down and trading considerably under fair value and the European markets are way down (1% to 2% on the FTSE DAX CAC)- The line in the sand this time probably around 890 on the SPX which is the rising EMA 20 day line - similar to the 880 support of a week or so ago.

ES -6;

NQ -7;

YM- 50;

RSI (2) levels on the futures indexes as follows:

ES 23

NQ 41

YM 23

TF 26

The dollar a little higher while gold is flat and crude is down about $1.5 to the $60.5 area.

Most of the ag commodities trading down a little less than 1%.

Ortiz with his first dinger of the season last night and who would have thought Damon would have 10 to Ortiz's one- and after the Yanks losing their first 5 to the RSOX - they are only one game behind them in the standings- interesting times on the baseball diamond.

BESPOKE on the GOLD/$$$$ trade;

Cramer - not a lousy stock picker and as effective as a two sided coin;

Hulbert now talking the VIX;

Bill on the VXX - could be the new 3x etf;

Trader Mike on S+R and maybe even a double top;

Obama talking GITMO;

Another bailout for GMAC-