MORNING WATCH

Ugly sell down in the last hour yesterday as the DJIA gave up almost all of its triple digit gains and the SPX closed red and under the recent break out level of 1170.

How now- I suspect range bound as we are stuck under the 1170 and yesterday high level of 1180- and probably above the 1150 area as lots of dippers probably want to buy down there.

The VIX ripped about 5% and closed about 6.5% above the SMA 10- I suspect its going higher and SELLPUTS has an interesting take this morning.

Bill Gross now switching his sales pitch from bonds to stocks;

How many BIG accounting firms can we eliminate;

Could the TEA party doom the GOP chances?;

It happened a bit soon but the outs more than the ins;

RIP Johnny Maestro;