Sector Investing

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12:30PM : Fresh session lows, as the major averages stay on their track of least resistance, which is to the downside... The S&P 500 is currently right at its 200-day simple moving average at 1078... The index's ability to stabilize at the technically-significant level may act as a limiting factor in further selling... The index's failure at this level, however, would likely incite further selling pressure... Volume is moderate, but not as heavy as the levels seen in the last week, which were among the heaviest for 2004...
Breadth figures are decidedly bearish, with decliners leading advancers by a 3-to-1 degree on the NYSE and a 5-to-1 degree on the Nasdaq... Down volume is leading up volume by a roughly 9-to-1 degree on the NYSE and a 12-to-1 degree on the Nasdaq... The number of new 52-week highs to new lows is dreadful, with 6 and 16 new highs on the NYSE and Nasdaq, respectively, juxtaposed with 142 and 84 new lows...NYSE Adv/Dec 830/2416, Nasdaq Adv/Dec 467/2562

http://biz.yahoo.com/mu/update.html

This is blow off selling if it continues but I would like to see the VIX back around 22 and the 5 day sma's on the TRIN and TRINQ up around 1.5 before I would say we have a definite bottom.

This is just so ugly though!

RtS