THE LATE CLOSE

A typical wacky FOMC afternoon of trading that ended with the SPX up 6, the NAZ +27 and the DJIA -23.

Strong sectors included metals, internets, reits, biotech and semis while commodities, drugs, telecom and defense lagged.

NYSE- 1400 net winners;

NAZ- 600 net winners;

NDX 90 GREEN;

SPX 391 GREEN;

Winners WY ORCL FDX EMC AVP F SLE RF AA AMZN FMCN BBBY YHOO STLD FSLR;

Losers PAYX GILD ORLY AMGN FLEX ADP NTAP BA NKE MON GD S LMT AXP UTX RTN;

VIX - down 5% at 29.05 and trading 3% under the SMA 10;

Volume very weak with up volume 8/3 over down with a light 1.1B shares traded;

RSI (2) levels as follows:

SPX 51

DJIA 4

RUT 46

NAZ 65

NDX 66

A very whippy afternoon with the DJIA closing lower with lousy action from BA contributing to a lot of the loss- Internals were pretty good - and as usual not much feel for direction for tomorrow as it is a day traders market for now- however the SPX is still above the 50 and 200 SMA so probably some support there on any dips.

And in case you missed it some good posts from Dr. Brett here and here.