OPENING CHECK

The markets have opened lower and the buy signals are certaintly all over the board as CNBC keeps searching for the 10% selloff. Where are Steven Roach and Richard Bernstein, the two influential strategists who only a few days ago turned more bullish on the markets. Any chance they show up on TV today?

The SMH has turned green and is up almost 2/3 of a % in spite of all the bad news. The VXO romped to almost 11% above its 10 day SMA so is the bottom in? I surely don't know, but I do know that these "signals" have flashed before and they have worked more times than not.

The market internals are ugly as they show 2,400 more losers than winners. The sectors in the green are drugs, semis, internets and the financials. Interesting also that JEF MER MS are all marginally green. I say continue to scale in and leave some ammo available.