Today on the Marketbeat: The lowest close of this year (not lowest low)

Market #'s @ Close:

DOW: -427

S&P: -52

NASDAQ: -96

RUS2K:

TSX/S&P:

VIX: +6.83 to 74.48

Internals: 

Core Sector List: 16/0

NYSE

AD Line: -2798

Breadth: 50/1 Neg

NASDAQ

AD Line: -2200

Breadth: 38/1 Neg

Another day another drop, making new lows for the week and month. The Vix shot back up 74 today as volatility continues to be a huge factor. The NASDAQ 100 is a terrific example of how the bearish sentiment is still strong, as 99 on the stocks trading in the NASDAQ 100 were trading lower today, with the one exception being up 6 cents. On a technical note, the ES futures closed pegging the lows today, right under the S2 Pivot. and volume was increasing as the day got progressively bearish. On the YM (Dow Futures) they lost 8000 near the bell, closing @ 7992.

Under the hood wasn't much prettier if you like Bullish action, as the internals were testifying for the Bears today. First up on the stand was the Breadth; and this was the key witness in today's case as it put in a 50/1 reading to the bears on the NYSE and 38/1 to the bears on the NASDAQ; in terms of breadth readings it doesn't get much more nasty than that. The AD Line tacked on some huge losses, -2800 on the NYSE and -2200 on the NASDAQ. While the trin is finally acting right making higher highs throughout the day closing above 3 for the first time in awhile, giving note to a possible bear rally tomorrow (Close above 2 on the TRIN = 80% chance of rally next day). 

We will have to see what the market has in store, until then, plan your trades, and trade your plans....