OPENING SHOCKER

The markets open higher and the shocker is that the IWM is the best performing major market index followed by QQQQ and the SMH up a startling 2% after seeing lots of selling over the past few weeks. The only sectors red on my screens are the drugs and the Volatility Indexes. Precious metal indexes are higher by 1.5% and our old friend GS is back over 151 after hitting bottom in the low 140's.

Market internals showing a bullish posture with more than 1,700 winners to losers. In light of yesterday's wild action, the Pivot Points are wide with resistance at 127 on SPY and the actual pivot at the 125.4 area. My guess is no daily pivot gets hit today.