THE MELT

Equities have approached the EMA 20 on the SPX (1131) as they have sold off big time today- the SPX -16, NAZ -35 and the DJIA -140- as a sell the news mind set has definitely come into play. INTC and JPM were pretty good but no matter.

Strongest sectors- nat gas, bonds, retail, junk and real estate while semis, airlines, metals, banks and gaming lags.

NYSE- 1700 net losers;

NAZ- 1500 net losers;

SPX - 35 GREEN;

NDX- 8 GREEN;

VIX- higher by 7.4% at 18.93 and 2% above the SMA 10.

RSI 2 levels as follows:

SPX 19

NAZ 23

NDX 18

RUT 22

DJIA 18

XLF 19

XLE 15

TRIN 2.78- with down volume about 10x the up.

Probably going to dip in and buy some SSO DDM QLD near the close as a bounce back should happen on Turnaround Tuesday - other than that standing still.