Indices closed Down from .66% to 1.40%....

So.... Oil was shooting up to $107, Gold was in record high territory Up almost $20 near high. As happens so often, traders / hedge funds hit the panic button. As we go towards close in these situations, smart money is always waiting to buy.

We pared loss substantially & all indices closed above 50 DMA.....

S&P 500 proved its resilience by not breaching even 1300, low was 1303.99 @ the height of panic selling. Dow also was the healthiest of all. Nasdaq did breach its 50 DMA but roared back to close above.

I view today's TAPE same way as i have viewed market TAPE since low in August. There is tremendous buying power waiting to get in when there is panic selling.

Here is the internals @ close :

Down volume led by 4.17 to 1 in NYSE & 5.56 to 1 in Nasdaq

Declining stocks led by 3.27 to 1 in NYSE & 3.33 to 1 in Nasdaq...these are NOT extreme numbers which bodes well for future.....

New 52 wk high were in the lead, 142 in NYSE & 100 in Nasdaq.

YES..VIX jumped 8.39% @ 20.66

OH..about those RSI @ close, they were :

Nasdaq 47.23

S&P 500 49.20

Dow 49.38

All are in buy zone.....

AH Futures Mixed

AH Asian Markets UP

AH Oil, Gold, Silver Down

BLOG does NOT give buy or sell.

Saleem