THE CLOSE

Equities closed the day lower but well off their worst levels - SPX -2.31, NAZ -1.68 and the DJIA -53.

Strongest sectors - metals, real estate, trannies, junk and bonds while nat gas, energy, emerging markets and airlines lagged.

NYSE 100 net losers;

NAZ- 700 net losers;

NDX- 28/63;

SPX- 147/297;

TRIN - 1.02 with up and down volume about equal;

VIX- down about 1% at 20- and a little below the SMA 10.

RSI 2 levels- at/near 50 on the SPX and higher on the RUT and the NAZ/NDX;

So back in the middle of the range and an impressive late day rally getting the market back near the flat line after being down big early- above 1100 on the SPX and all those tv guys looking for 1075- this morning - well I guess not- still about the dollar and the EURO - so we will see

THE SWOON

A little more than half the trading day gone and equities are at/near their lows of the day- SPX-13.5, NAZ-33 and the DJIA -90.

Strongest sectors- bonds, retail, utils, biotech and drugs while, metals, semis, energy, homies and banks lag.

NYSE-1425 net losers;

NAZ- 1100 net losers;

SPX- 38/ 457 green to red;

NDX- 8/92 green to red;

VIX higher by 8%+ - but still trading about 4% below the SMA 10-;

TRIN 2.3- with down volume about 8x the up.

RSI 2 levels near 15 on the SPX and a bit lower on the NDX- will probably buy some SSO/QLD near the close -

HALF TIME CHECK

A very boring day in the markets so far with the SPX -2, NAZ -5 and DJIA -16.

Strongest sectors- gaming, banks, airlines, junk and trannies while nat gas, energy, metals and semis lag.

NYSE-150 net losers;

NAZ- flat inernals;

NDX- 30/70 green to red;

SPX - 185/315 green to red;

Up and down volume about equal;

VIX- up a hair and VXO down a bit- both still way over sold;

The SPX trading above the EMA 20 and near the SMA 50 - and with an RSI 2 level near 70- and I don't see much of an edge from these levels- and it looks like a very sloppy and choppy day.

Jeff Saut and his latest commentary- always a great read-