Why Markets went DOWN today ??????

Markets went DOWN............. not because of Ben Bernanke.........

There are lot reason for today's 1%+ down close.....and they are in NO order :

S&P revived the sub-prime scare by insisting that..."it is deeper than believed"

Retail warning by HD & SHLD...was negative.......

Housing warning by KBH.....was negative.....

Alcoa's lousy earnings report yesterday was no help.....which "triggered earnings JITTERS"

Markets are in "higher ground...so a nervous selloff is ALWAYS @ hand"...and we had too many excuses today......

If I can pinpoint that .......financial,housing & retail should be avoided for this Q...completely...... as bad news is continously......making headlines !!!!!

So what worked today :

BIDU was UP $10...as they announced their earning report date July 25th...on triple the volume.

AAPL is coming UP with mini iphone in Q4......so went to new HIGHS.....on 12 million more share than average.....

RIMM was down $5 on average volume.....as MM/Hedge funds knew about a law suit being filed in Texas for mobile entertainment & communication patent infringement by Minerva.....a California based company...If I can RECALL.....RIMM paid close to $600 million for the same last August.......

No wonder RIMM is showing higher bid than close........in AH....after the news came out @ 5.35 PM........

RIMM also closed above support of $208.83 after dipping below by few cents TWICE during regular hour........

SNDK closed GREEN on 2.8 million more volume than average.......

STP,FDRY,SNDA,YHOO all had mini losses........

Strong stocks were :

FMCN,JSDA,GOOG,SIRF,TZOO,VLO,TSLNVDA,AKAM,JDSU,NVTL.

Techs are the safest place for next 2 Q......as they are under owned and are in their strongest 3 Q...starting July........

Todays selloff.....took some froth from the markets also......we may start WEAK on overseas selloff...then try to regain footing.......so I think !!!!

Next post 11AM est.

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Saleem