THE CLOSE

Markets were way down today and closed at the lows - and there was hardly a bounce all day-

SPX -28, NAZ 61 and the DJIA -201.

Strongest sectors included telecom, retail, junk, drugs and biotech while energy, metals, banks, Brazil, real estate and brokers lagged.

SPX - 47 GREEN;

NDX- 1 GREEN;

NYSE- 2400 net losers;

NAZ- 1800 net losers;

Metals and commodities down across the board while the dollar was higher and the 10 YEAR NOTE closed at a rate of 3.69%.

The SPX closed under the 50 and 200 day SMA- and the bulls may be in some serious trouble- while the VIX closed up 11% at 31.17 and about 5% above the SMA 10.

RSI (2) levels - very oversold as follows:

SPX 10

DJIA 6

RUT 11

NDX 18

NAZ 15

I did not buy at the close as I suspect better prices tomorrow- so sitting tight for now and looking to buy QLD/SSO into weakness on Turnaround Tuesday tomorrow.

Also looking to dip into DBA and perhaps UNG as they are also tempting.