11.16.2010

MIDDAY CRUSH


Lots of important stuff happening today - beatles, the Prince, Rangel and probably even more stuff but I am going to focus on the crushing of the equity markets.


As I type - SPX -21, DJIA -205 and the NAZ -45.


Internals as ugly as they get:


SPX 17/482;

NDX 4/96;

NYSE 2655 net losers;

RUT 175/1665;


RSI 2 levels - most major indexes @/near 2;


10 year note unchanged at 2.911%;


VIX +13% @ 22.8 and about 17% above the SMA 10;


SPX about 10 points above the SMA 50 @1165.


Gold/commodities crushed as the dollar rips higher +.9% on the DXY @79.39- the highest level since the end of September.


I bought some stuff higher and hanging on for now as I suspect a bounce coming shortly - although a close today at /near the lows would not surprise- so may add at end of day.

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