UNEVENTFUL CLOSE

Fairly uneventful day in the equity markets as the SPX closed down 2.75, the NAZ -5 and the DJIA +1.

Strongest sectors- nat gas, defense, semis, airlines and biotech while gaming, reits, metals, banks and brokers lagged.

NYSE- 275 net winners;

NAZ- flat internals;

SPX- 235 up and 255 down;

NDX- 45 GREEN;

TRIN- 1.55 down volume about 1.5x the up;

VIX- higher by 4% and about even with the SMA 10.

RSI 2 levels on major indexes as follows:

SPX 43

NAZ 63

DJIA 45

NDX 37

XLE 9

OIH 8

DBC 8

EWA 12

So some stuff in pullback areas but thinking we go lower so holding some powder dry- did sell some DGP today to lower the exposure and take a little risk off the table although I suspect we go higher before long.