UGLIER

The markets have opened and it gets uglier as I watch. The Oils, metals, brokers and Small Caps are being hit the hardest, with the banks and consumer stocks/drugs being the only green.

Market internals are very ugly with about 3,000 more losers than winners and the Volatility indexes are again ramping higher with the VIX and VXO both higher by about 9%. Seems as they make new highs every day and the low volatility days may be over for a while.

I am sitting and watching and have no plan to buy the dip this morning although I have sold short some OIH against my short puts and long oil stocks.