THE CLOSE

Made some lunch money on SSO as I managed to sell the final rip - but a brutal day as the slop was hard to fathom.

Closing numbers - SPX -4, NAZ +3 and DJIA -42.

Strongest sectors- trannies, internets, semis, tech and oil service while banks, homies, ags, junk retail and drugs lagged.

NYSE- 150 net losers;

NAZ- 150 net winners;

SPX 180 GREEN;

NDX- 51 GREEN;

VIX- down 3% at 29;

TRIN- 1.9 with down volume about 2x the up on very light at under 1b shares.

RSI (2) levels as follows:

SPX 20;

NAZ 48;

NDX - 58;

DJIA 14;

A brutal choppy day - as the markets trade under most support areas except the 875 SPX level which has held for a while and was key support a few months back.

SMA 200 on the SPX at 880;

50 day at 906;

No idea about the action for next week - for now its all about the day trading- for this fish anyway.

MORNING STRENGTH

Markets are trading mixed after a lower open led by the NAZ which is up 8 while the SPX is down 1.

Strong sectors- semis, internets, tech, biotech and small caps while homies, real estate, energy, banks and fins lag.

NYSE- 500 net losers;

NAZ- 100 net winners;

SPX 210 GREEN;

NDX- 65 GREEN;

VIX flat at 29.75;

TRIN -1.53 with up volume about half the down;

The dollar higher and commodities generally lower- although well off the worst levels.

Lots of stocktwits folks leaning the wrong way as it seemed like everyone wanted to short the close yesterday and the open today- could be right eventually but for now it doesn't seem to be the smartest move to fight the NAZ /tech strength.

MORNING MUCK

Markets in a morning chopfest with the ES pivot holding at/near the 875 area- SPX +3, NAZ +7 and DJIA -1.

Strong sectors- metals, materials, homies, semis, banks and energy while drugs, consumers, real estate and telecom lag.

SPX 310 GREEN;

NDX 59 GREEN;

VIX- down 1 at 30;

TRIN .68 with up volume about 2.5x the down.

Not loving the chopfest and looking to dump my SSO from yesterday on a spike higher- and noticing now that the brokers are getting some jig with MS +3.4% and GS +3.6%. So maybe something brewing for the bulls before long.

CLOSING RALLY

After a rip lower at midday the markets closed mixed with the DJIA +15, NAZ +1 and the SPX -1.5.

Strongest sectors included retail, ags, drugs, oil service and internets while metals, fins, telecom, semis and brokers lagged.

SPX 200 GREEN;

NDX- 37 GREEN;

OEX 50 GREEN;

VIX slightly higher at 31.27;

TRIN 1.24 down volume about 3x the up;

Bought a few tranches of SSO today- some at 23.69 and some at 23.4- so looking for a rally as we are way over sold -

RSI (2) levels:

SPX 7

NDX 23

DJIA 22

The plan is to unload the SSO into a rally bringing the RSI 2 levels up to the 70 or greater levels- not sure it will be here tomorrow but its a pretty high probability trade to be closed in the next few days.

Own some FAX - see the chart and looking to add more as it yields almost 8% and has been a solid performer for many many years-

MORNING SINK

Markets are open and trading with the SPX near the unchanged line at 880 while the NAZ is down 4 at 1742.

Strongest sectors- drugs, internets, biotech, retail and consumers while metals, telecom, semis, real estate and trannies lag.

NYSE-700 net losers;

NAZ- 500 net losers;

SPX 200 GREEN;

NDX- 30 GREEN;

VIX- flattish at 31;

TRIN- 1.39 with down volume 3x the up;

Markets seem to be heading lower again with over sold areas hit on all major market indexes - also the SPX is trading below the 883 level which is the SMA 200 area.

Looking to buy again and catch a falling knife it is due for a bounce and we may be setting up for a nice little rally.

THE SWOON

Another lousy day for the longs as the DJIA is -108, NAZ 26 and the SPX 11.5.

Strongest areas include junk, banks, metals, drugs and biotech while energy, homies, real estate, internets and trannies.

NYSE- 1400 net losers;

NAZ- 700 net losers;

NDX- 8 GREEN;

SPX- 75 GREEN;

VIX- higher by 4% at 30.13 and about 9% over the SMA 10;

Volume light as usual but overwhelmingly to the down side.

Looking for the SMA 200 on the SPX too hold- so if we get lower looking to buy that dip.

PRE MARKET MOVES

Equity futures are trading near the flat line this morning while the dollar is down a bit and silver/gold/ags are all trading a bit higher.

Seemed like yesterday we were going lower until we got stopped at the SMA 200 on the SPX- up from there - so now everyone knows where to buy.

Looks like range bound trading as the SMA 50 on the SPX is above at 909 and that should be solid resistance.

Rosie with the unrosy picture;

Trader Mike also looking at some technicals;

BESPOKE looking for a significant move;

Kasem hanging it up;

THE CLOSE

Equity indexes closed the day at their highs with the DJIA closing +44, NAZ -9 and the SPX +2.29.

Strongest sectors included real estate, drugs, consumers, brokers and telecom while materials, metals, energy, homies and biotech lagged.

NYSE 600 net losers;

NAZ- 800 net losers;

SP 500- 267 GREEN;

NDX- 38 GREEN;

VIX - higher by 4% at 29.14;

TRIN- .98 with down volume 1.5x the up;

Markets hit the SMA 200 this morning and made the lows there- pretty much climbed through the day with small interruptions- and tomorrow Turnaround Tuesday- on 7-8-09- could be interesting-

Looking to get longer as the impact of the lousy jobs number last week begins to slip away-

SOME NUMBERS

Markets seem to have found temporary bottom at the SMA 200 on the SPX at 887- all the other significant moving averages to the North.

Other indicators look to be on the oversold side of the the ledger as follows:

RSI (2) levels as follows:

SPX 8;

DJIA 12;

NAZ 8;

NDX 6;

Even the VIX is a little bit over bought with a level of 30.4 and about 9% North of its SMA 10.

This fish looking to get long on the next dip for a quick flip for now.

MORNING CRUSH

Futures are trading lower but well off their worst levels of the morning-

ES -8.25;

NQ -8.5;

YM -73;

The dollar is higher while gold, silver, oil nat gas and most other commodities are way lower.

The Quant with an interesting take on where equities may be going;

BESPOKE with the stocks above their SMA 50's falling off the table;

BARRY with a huge linkfest;