OPENING LOOK

The markets are opening higher with 900 more winners than losers. The SPX futures were higher by 5 before the inflation news came and they suddenly flipped the switch and traded back to unchanged. I am sure it had nothing to do with the fact that the DJIA and SPX were up 200 and 23 respectively yesterday and some folks decided to ring the register.

The best performing sectors this AM are Brokers(+1%) and Internets(+3%) . The 10 year Bond has reversed and is now back over 5% at 5.02. The Oils trade mixed but the OIH trades higher by 50 cents and XLE trades lower by 30 cents. Be aware that the inventory numbers come out at 10:30.

The SPY Pivot Point, which was not hit yesterday, is the 130.15 level and the initial resistance is 131.50. It is unusual for the pivot not to get hit two days in a row(food for thought).