THE DIP

Markets seem to have resumed their recent downward bias as the SPX is down 11, NAZ -17 and the DJIA -87.

When the market opened it was bobbing near the flat line but the internals were bad right from the get go. Now as follows:

NYSE- 1425 net losers;

NAZ- 1000 net losers;

SPX- 106 GREEN;

NDX- 20 GREEN;

Strong sectors- gaming, nat gas, bonds, biotech, junk and drugs while metals, banks, emerging markets, energy and small caps lag.

VIX- up 4% at 25.75 and about 10% above the SMA 10 again.

TRIN- 1.55 with down volume about 4x the up.

RSI 2 levels between 30 and 40 on most major indexes.

So with Chicago PMI index beating and Michigan confidence in line the market falls way down- not sure the impetus for this and maybe the bulls show before the end of day - but for now it doesn't look good in the short term as many seem to have shorted yesterdays big rally.

And how about those IMUS FBN numbers- not what anyone expected.