THE REVERSAL

The DJIA closed up 196 yesterday and today down about 173- as equity markets closed at the lows-

Strongest sectors- semis, ags, junk, mining, and oil service while reits, real estate, banks, materials, homies and financials lagged.

NYSE- 1300 net losers;

NAZ- 800 net losers;

NDX- 31 GREEN;

SPX- 74 GREEN;

VIX- up 6% at 32.5;

Note the DBA closed flat while the DBC was higher along with silver while gold was about unchanged- the dollar higher with lots of support still at the 80 area-

Quite a reversal from yesterday as the rates on bonds rocketed higher- now 3.695% on the 10 year note- quite a jump and it seemed to have a cause the big drop in equities.

Trading for now is just day by day as yesterday was a rip higher and today the opposite-

The fish made some nice dough on MS and broke even on the SSO trade- gave it a bit too much room and but - so is trading.

Markets now in the middle of the recent range with lots of support at the 875/880 area- note yesterday lows as the level where the markets rocketed higher-

And how about Dick Cheney with Kudlow - as VP he couldn't be found - now that he tosses grenades he is everywhere- and with an approval at about 50% of Powell's;

A question from Barry;

Big money over in California especially for the public service employees;

BESPOKE looking at the consumer confidence;

Tucker - taking to the web;

The quant with some good stuff;

Finally - Barrons looking at the DJIA 30;