LOWER HIGHS CONTINUING
Equities closed the day higher after opening way down and sinking near the open- SPX +12, NAZ +24 and the DJIA +75.
Strongest sectors included gaming, homies, oil service, emerging markets and metals while semis, drugs, banks and brokers lagged.
NYSE- 1860 net winners;
NAZ- 530 net winners;
Gold- higher by $10 at 1192;
Crude- up 90 cents at $77;
Feels like here we go again as the SPX makes another run at the SMA 50 which is at about 1088- and I suspect more selling as that has been the money trade- look at the chart - its lower highs and lower lows and that area looks like as good a place as there is to sell-
VIX closed down about 8% but hardly in over sold area while RSI 2 levels on major indexes also up but hardly over done near the 70 level-
And the 10 year note refuses to move higher as it closed at 2.93%- fear of losing money