THE OPEN

So much for the Gap trade as the market fills in the premarket. Surprisingly, the internals are quite green with 1,200 more winners than losers but the major indexes don't seem to be responding as they trade mixed. It is probably going to be a choppy day with a slightly bullish bias.

Wintel, oils, metals and small caps are leading the way while the drugs and the socks lag. Financials are mixed as the banks are unchanged while the brokers are slightly lower.

The Pivot Point on the SPY is 124.75 while the DIA pivot is 110.2 so those levels may be temporary support levels with initial resistance of 125.3 on the SPY and 110.7 on the DIA.