Oil was crushed as well as materials, agriculture and financials. Just a bad day all around. The bulls had every opportunity to reverse things but chose not to. It was more of a strike by the buyers and in my opinion could have been worse.

Net on the day the Dow was down 254.16 to 7522, the S&P 500 28.41 to 787.53, and the Nasdaq 100 down 30.66 to 1220.88. The Philadelphia Semiconductor Index (SOXX) lost 10.52 to 229.45.

The technicals were horrendous. Advance-declines were about 9 to 1 negative on New York and about 3 to 1 negative on Nasdaq. Up/down volume was about 20 to 1 negative on New York on total volume of about 1 1/2 billion. Nasdaq traded just over 2 billion and had about a 6 to 1 negative volume ratio.

George Soros, famous for breaking the pound single handidly thinks the coming G-20 meeting is our last chance to get things right, and says if it isn’t successful our situation will end in crisis and depression. More here from Stockjockey.

I had a meeting early and wrapped up things around 2PM. I was short SPG, STI and ZION, my one long was DLTR, but it made its move after I left, the chart looks good there. See you later and hope you were short something today.

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