THE SLOPFEST

One of the less exciting days one will find on the street as the SPX closed +2, the NAZ -1 and the DJIA -16.

Strong sectors- metals, ags, telecom, fins, real estate and brokers while retail, semis, small caps and internets lagged.

NYSE- 180 net losers;

NAZ- 470 net losers;

SPX- 233 GREEN;

NDX- 50 GREEN;

Up volume 1.5x the down with about 1.2B shares traded;

VIX - down almost 2% at 31.63;

TRIN- .62;

Gold higher at $926 while crude ripped to $69.2.

Not much to say about today's trade except it was a sloppy chop festival- my trades - SSO sold for a little gain near the end of the day - very little - snack money.

Markets still over sold but working it off with the side way trade and RSI 2 levels as follows:

SPX 20

DJIA 6

NAZ 15

NDX 17

Prices a bit below the 50 and 200 SMA - so that will be followed closely by all the technicians- 899 on both.