CLOSING PRETTY

The bears are not going to be happy with that closes as the ES ripped about 8 points off the lows in the last and most important hour of trading-

SPX closed -8.6, NAZ -24 and the DJIA -77.

Strong sectors- junk, defense, banks, drugs and fins while gaming, energy, ags, semis and retail lagged.

NYSE- 1300 net losers;

NAZ- 1500 net losers;

NDX- 12 GREEN;

SPX 77 GREEN;

VIX - down 1.25% at 24.4;

TRIN 1.54 with down volume about 4x the up.

Bears not gonna be happy as the market rallied pretty pretty good in the last few moments of trading- I suspect most traders are looking for a nice bounce on Monday - so why not start early and buy today.

RSI 2 on SPX 39 which is about as low as it gets of late.

THE SMASH

An ugly market to start the day as the sellers finally get their hands on equities. The SPX -15, NAZ -32 and the DJIA -130.

Strongest sectors bonds, gold, drugs and tech while gaming, homies, semis, reits and trannies lag.

NYSE- 1800 net losers.

NAZ- 1600 net losers;

NDX- 6 GREEN;

SPX- 40 GREEN;

VIX- up a whole 4% at 25.75.

TRIN- 2.00 with down volume about 8x the up.

RSI 2- SPX 30/ NDX 29 DJIA 27.

I suspect this sell off holds and next week it will continue as we begin to follow the Chinese markets on the way down- we got dragged up by them and now I suspect the reverse comes into play.

THE CLOSE

The bulls continue to tease the bears as an early afternoon selloff was bought and the markets closed at the highs.

SPX +7, NAZ +11 and the DJIA +37.

Strong sectors - gaming, metals, silver, banks, semis and fins while nat gas, ags, homies and drugs lagged.

NYSE- 900 net green;

NAZ- 150 net green;

NDX- 63 GREEN;

SPX 317 GREEN;

VIX - down 3% at 24.7;

TRIN- .63 with up volume 3x the down and very light overall at 800m shs traded.

RSI 2 heading north again and trading at 78 on the SPX and 80 on the NDX.

Probably an even lighter day tomorrow so maybe a day to be spent somewhere other than in front of the screens.

RSOX down by 2 in the bottom of the 9th and facing Tigers closer and down goes Ortiz- 2 more to go ----

REBOUND CITY

Markets ripped higher this morning on the heels of news of the end of recession in Germany etc but sold off on our retail news and now a bounce back - tough to short this market for more than an hour.

SPX +4, DJIA +14 and NAZ +9.

Strong sectors include metals, Australia, silver, oil service, banks and semis while retail, drugs, defense and homies lag.

NYSE- 550 net green;

NAZ- flat internals;

NDX- 63 GREEN;

SPX 285 GREEN;

VIX down a bit at 25.25.

TRIN- .38 - probably skewed again with little banks and high volume.

Gold moving on up at 960 and the dollar heading the other way at 1.43 EURO and 78.43 at the dollar basket.

The lesson of the day/week/month/quarter- don't short as they continue to get waxed over and over - so cash and longs ok- the fish here looking to lighten up on some SSO - and probably little trading the balance of the week.

THE CLOSE

There it was - a rather interesting day as the FED announcement was bought sold bought and sold again with the DJIA closing +120, NAZ +29 and the SPX +11.5.

Strongest sectors- gaming, homies, brokers, defense and fins while drugs, metals, real estate and retail lagged.

NYSE- 1200 net winners;

NAZ - 1100 net winners;

NDX- 87 GREEN;

SPX - 415 GREEN;

VIX down 2% at 25.45;

TRIN- .62 with up volume about 4x the down;

My last move higher was not seen today but did get some of my SSO off at the highs of the day- after that lower.

RSI 2 levels - a bit overbought near 60 on the SPX and about 70 on the NDX.

Not expecting much tomorrow although the bulls continue to surprise the traders- lots of folks keep on trying to short - and end up covering higher- see Doug KASS.

THE OPEN

Markets are up and running and trading like yesterday never happened- the buy the dip folks have showed pretty quickly and we are up 112 on the DJIA 11 on the SPX +27 on the NAZ.

Strongest sectrors include gaming, homies, biotech, oil service and reits while ags, emerging markets, drugs, retail and metals lag.

NYSE- 1300 net green;

NAZ- 1100 net green;

NDX- 94 GREEN;

SPX- 446 GREEN;

VIX- down 1% at 25.7;

TRIN- .45 with up volume about 7x the down.

Looking for some resistance at the 1008/1010 area on the SPX as recent highs kick in for some sellers- other than that - but the pullbacks and sell up there for now.

THE CLOSE

Shocking to see the buyers show up in the last half hour driving the ES futures to the flat line and the SPX to only down 3.3. Every dip continues to be bought.

Strongest sectors- defense, oil service, ags, drugs and banks while homies, metals, reits, retail and brokers lagged.

NYSE- 160 net losers;

NAZ- 130 net losers;

NDX- 35 GREEN;

SPX- 194 GREEN;

TRIN- .88 up and down volume about equal with low numbers overall.

VIX- near the flat line at 25;

RSI 2 levels back at 59 on the SPX and 42 on the NDX.

Dipped into the morning sell down and bought some SSO - and sold some just before the close and holding some over night- Tomorrow turnaround Tuesday - lets see how quickly they buy it in the morning - just curious.

THE DIPS

Markets are trading lower with the DJIA -36, the SPX -4 and the NAZ 6.

Strongest sectors include nat gas, ags, banks, brokers, gaming and energy while metals, homies, silver, reits and real estate lag.

NYSE- 700 net losers;

NAZ- 200 net losers;

SPX- 105 GREEN;

NDX- 35 GREEN;

TRIN- .48- with up volume a bit ahead of down. I wouldn't read to much into the TRIN as it is again being skewed by BAC C and some others.

WINNERS- MRK BIDU BACD MCD SGP INTC JPM AAPL UTX COP SLG;

LOSERS- LTD PHM TROW BHP LLY BA FCX MMM DOW DIS HD AXP TRV AA CSCO;

Looks like the usual lower opening with buyers lurking - so getting ready to buy a dip as lots of folks still under invested - and when does some bad news show up which will drive the markets lower - don't see it for now.