DA BEARS

Markets closed down but I suspect the bears are a bit scared as the bulls made a big move in the final and most important hour of the day.

SPX -3, NAZ 7 and DJIA -24- note - at the worst levels of the day the SPX was off about 15 and the DJIA down 125- so quite a come back.

Strongest sectors- energy, materials, ags, telecom and trannies while real estate, borkers and banks lagged.

NYSE - 300 net losers;

NAZ- 650 net losers;

SPX - 175 green and 315 red;

NDX- 36 GREEN;

VIX- up a hair at 28.55;

The bulls just don't go away and anyone buying down at RSI (2) of 15 on SPX did pretty well today - and I didn't get it down that far but did buy some SSO for a swing move up- also starting to look interesting for the dip buyers is MS- has had a great run but another big down day and it could be an interesting pick.

DBA/DBC still on the radar along with DIG and OIH- the dollar closed higher but I suspect its going lower soon enough and stocks will do the inverse- especially the commodity related stuff stocks.

Note the volume today was a little higher - just don't see why that is a good sign for the bulls as the markets were over extended to the North and have again worked off some of the over bought area.