OPENING LOOK

That was quick as the SPY opened right at its daily resistance of 129.35 and has since sold off on word of more Iran problems. Not sure that is the reason for the as the Iran news was known before the markets opened while the futures were ramping.

The Pivot Point today is 128.3 and yesterday's pivot was not hit so there is a very high liklihood that todays will and that means more downside action.

The NYSE internals are still fairly positive as there are 700 more winners than losers and the NAZ internals are flat. Winning sectors are Metals and oils and the losers are tech, retail, consumer and homie.

The 10 year Bond is back to 5.02% so don't be surprised if we here about a trade of out of bonds and into equities.