THE OPEN

The markets have shrugged off the early morning futures sell off and have opened flat to a bit higher. The market internals show about 1,200 more winners than losers and the winning sectors are Tech, Drugs, Retailers and Biotechs and the losers are metals and oils.

Pivot point on the SPY today is the 127 level and initial resistance is 128.

I am looking at the day from the long side with internals fairly strong and tech acting well. I don't expect a rip roaring day just buying dips and selling rips. Of course this could all change if the financials start falling backwards and what about the VG IPO. Not sure who to blame on that one, but I bet the brokers and the management of VG are high on the list especially in light of the shrewd comment the other day that VG may never be profitable.