Markets are lower this morning and the snap back rally anticipated by most traders is taking a bit longer to develop.
SPX -3.5, NAZ -14 and the DJIA -30.
Strongest sectors- Australia, banks, airlines, brokers and reits while nat gas, Latin America, retail, gaming and small caps lag.
NYSE- 800 net losers;
NAZ- 1100 net losers;
SPX - 139/360;
NDX- 12 GREEN;
TRIN- .89 with down volume about 1.5 the up- seems a bit skewed by BAC C FRE and FNM.
VIX- +3% at 25.45 and about 14% above the SMA 10.
The dollar is moving on up again but may run into some nice resistance at the 75 level.
RSI 2 levels as follows:
So definitely some buy signals in the short term from the VIX and the RSI 2 levels - problem is probably not a lot of folks expecting a big selloff and that is what we may get- I added to GDX DGP EWA on Friday and if we continue to go lower I will buy more for TT