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:
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.