THE CLOSE

That was a pretty ugly close as the ES futs lost about 7 points in the last thirty minutes of trading- seems like the buyers are having a hard time beating back the bears the last couple of days.

The SPX closed +1, NAZ -6 and the DJIA +17.

Strongest sectors- metals, high yields, ags, banks, homies and energy while gaming, biotech, drugs and internets lagged.

VIX- up 2% at almost 26- and the highest close in a while.

The tech stocks were also sold in the last hour with XLK AMZN GOOG RIMM BIDU closing red and many others with late day sell offs.

Next week should be interesting as again we have the SPX 1K watch- I suspect we get there - but it could shake many out before we do.

MORNING TRADE

Markets are in chop mode this morning moving between green and red territory fairly consistently - The SPX +1.5, NAZ +4 and the DJIA +30.

Strongest sectors- metals, homies, semis, defense and tech while gaming, internets, biotech and energy lags.

NYSE- 650 net green;

NAZ- 250 net green;

NDX- 61 GREEN;

SPX 275 GREEN;

VIX - flat at 25.2;

TRIN- 1.49 with up and down volume about equal.

Oil and nat gas near flat and gold higher by almost $10.

RSI 2 levels in high 80's on most major indexes as the markets refuse to collapse- still thinking the SPX 1,000 level gets tagged - probably early next week- and beginning of month money coming next week could also spring us higher as lots of folks still with the fear of missing.

THE CLOSE

Markets closed the day near the lows as a sell off ensued in the final 30 minutes of trading- fears of the GDP number apparently the culprit per CNBC- etal.

The SPX closed higher by 12, NAZ +16.5 and the DJIA +84.

Strong sectors- gaming, reits, oil, banks, metals and emerging markets while biotech, semis, drugs and internets lagged.

NYSE- 1900 net green;

NAZ- 1200 net green;

NDX- 81 GREEN;

SPX- 445 GREEN;

VIX- almost flat at 25.4;

TRIN- the shocker of the day as it closed at 1.78- which of course shows that the volume, which was fairly heavy - was leaning towards declining stocks.

Gold - higher by $4 and crude up a whopping 5% at $66.6.

Note the big moves in DBA/DBC - +2.4% and 3.1%;

RSI 2 levels as follows:

SPX 82

NDX 81

DJIA 85

RUT 86

Tomorrow is GDP day and I suspect if the market sells off on the news the dippers will come in and take it back up - SPX 1000 probably shortly as somehow we get magnetized to par -

Also- some interesting developments today:

Manny and Papi on the list;

Rove back in the news;

CNBC viewership - not so good;

THE STRENGTH

Markets are ripping higher this morning on the heels of a rebound in China and some good earnings news from all companies not XOM.

The SPX +19 and about 5 points from the 1k magnet number , DJIA +150 and the NAZ +36 and a few points over the 2k level.

Best sectors- gaming, reits, banks, retail and metals while internets, biotech, energy, drugs and tech lag.

NYSE- 2100 net winners;

NAZ- 1500 net winners;

NDX- 88 GREEN;

SPX- 470 GREEN;

DJIA - 28 GREEN - losers are XOM and MCD;

VIX- only down 1% at 25.33- so not sure what the deal there;

Gold - higher by $5 at $935 and oil at $65.5;

Doubt this market is coming in much today and the plan is buying any dips - SPX over 1k probably a different story and it will be interesting to watch what happens when we get back to that level.

THE CLOSE

Markets closed lower but well off their worst levels and another good final 60 minutes - the SPX -4.5, NAZ -8 and the DJIA -26.

Strongest sectors- brokers, bonds, biotech, banks and defense while gaming, energy, internets, metals and real estate lagged.

NYSE- 700 net losers;

NAZ- 650 net losers;

NDX- 40 GREEN;

SPX 165 GREEN;

TRIN- .73 with down volume a bit more than up- light volume overall.

RSI 2 levels as follows:

SPX 32

NDX 50

DJIA 39

RUT 44

A rather blah day for equities - and I was expecting far worse - as once again the dips were bought - and the markets seem to want to stay above 970 for now- a bigger sell off will come - just not sure if it comes after SPX 1000-

Big drops in commodities led by oil and gold - and a higher dollar- so another surprise that equities didn't sell off on the heels of that news-

OPENING FOOL

Markets open lower but have since flipped to the flat line as the best trade continues to be- buy any dip-

SPX -2, NAZ -5 and DJIA -7.

Strong sectors include retail, banks, biotech, bonds, brokers and drugs while energy, gaming, internets, metals and semis lag.

NYSE- 400 net losers;

NAZ- 550 net losers;

NDX- 42 GREEN;

SPX - 235 GREEN;

TRIN- .8 and down volume a little more than up;

Didn't think the markets would bounce back this fast in light of the overnight action in China- well - folks want to own stocks - bottom line.

BESPOKE with some interesting stats from July 10;

SPEED WORKS;

RSI 2 - and more extremes;

Even Madoff can't believe it;

The SHARK collects these;

CLOSING USUAL

Like it was supposed to do - markets rallied in the afternoon and closed a hair off the best levels with the NDX being the best performing major market index.

SPX -2.5, NAZ +8 and DJIA -12.

Strongest sectors- biotech, homies, defense, retail and internets while metals, gaming, energy and brokers lagged.

NYSE - 130 net losers;

NAZ- flat internals;

NDX- 43 GREEN;

SPX - 154 GREEN;

VIX up 3% at 25;

TRIN- .94 with up and down volume about equal;

FAX a closed end fund mentioned here a few weeks ago - acting quite well as it broke the 5.90 level today - I suspect it is one of those rare buyon the dip and hold for a long long time funds.

THE FEEL

Markets are trading lower after flipping from green on the heels of the worse than expected consumer confidence number.

The SPX -7, NAZ -9 and the DJIA -41.

Strong sectors include defense, bonds, metals, biotech and tech while energy, gaming, trannies and real estate lag.

NYSE- 900 net losers;

NAZ- 500 net losers;

NDX- 35 GREEN;

SPX 130 GREEN;

VIX - higher by 4% at 25.28.

TRIN .75 with down volume only a bit more than up;

The SPX trading at its lowest point since last Thursday and my guess is they come in later today and buy them again- seems all the dips now get bought and have to go with what is working of late- and that is it.

RSI 2- on the SPX down at 50 which is also lower than it has been in quite a while.

THE CLOSE

Hard to believe that markets closed in the green - small and the SPX is another 3 points closer to the target of 1,000.

Strong sectors- gaming, banks, homies, brokers and real estate- laggards - consumer, retail, internets and energy.

Internals- - a nice flip to green on the SPX with 300 green and 200 red.

Up volume almost double the down.

Tomorrow is probably Turnaround Tuesday- and that dip no doubt gets bought for a rip later in the week.

RSI 2 pretty meaningless in light of market strength - for now just keep buying the dip as all sells become bad.

PM TRADE

Markets are trading near the flat line and well off their worst levels of the day - SPX -1, NAZ -7 and the DJIA -15.

Strongest sectors- gaming, banks, homies, brokers and real estate while consumer, retail, internets and tech lag.

Market internals fairly flat with the NYSE far better than the NAZ.

VIX higher by 6.5% at 24.6.

TRIN 1.07 with up volume a little better than down.

I suspect the buyers will show up before the session ends and a move up to 1,000 on the SPX before the week ends- after all everyone loves PAR- keep in mind that 10 years ago the SPX was trading at 1350- FWIW.

EARLY MORNING LOOK

Equity futures are trading near the flat line after being much higher earlier this morning- Oil is up a bit while nat gas is down and gold is up at $957.

The dollar is down at 78.58 while the EURO is up at 1.428.

My short term take is the SPX will challenge the 1,000 area as markets love to hit the round numbers - like a stock trading at 98- not much of a chance it won't hit par - same with the SPX-

The Tour De France finished this weekend and not much animosity between Lance and Contador - oh no- Lance is starting a RSH team next year and my guess his main objective is to find someone to beat Contador- I don't think Lance thinks he can beat him - but Schleck or someone else under Lance's tutelage - could be.

BESPOKE with the word on stocks above their SMA 50- and its a lot but not record like.

Barry with a wonderful linkfest;

Market Sci with some work on the RSI 2- and speaking of over bought indicators.