OPENING LOOK

The markets open lower with the NAZ leading lower and the DIA outperforming with 13 of the DJIA stocks higher. The SP futures are trading down 2 or 3 points as I type but the market internals tell a different story with 2,500 more losers than winners. No forecasting today on my part that the low is in because I have not been very good lately and it is time to keep my yap zipped on direction.

The sectors not in the red are drugs, brokers, consumers, retailers and biotechs. Techs, small caps and commodities are all lower. Surprisingly the SMH is only lower by a dime off of the AMD/INTC downgrades so look there and the internals for any reversal clues.

My equity exposure is in the SPY and the DIA as all non ETF trades are off limits in this environment.