THE OPENING LOOK

The buy the dip crowd is no where to be found (yet) as the markets stair step lower from the outset. Market internals showing 3,600 more losers than winners with the big sectors losers being gold, oils, semi's and small caps.

Five of the 30 DJIA components are green with HPQ T and IBM the best of the bunch. Biggest losers are BA CAT and AA.

Volatility indexes ramping higher, with VIX and VXN up 11% and 15% on the VXO. So the oversold conditions on these pups quickly abates.

RSI indicator on DIA and SPY also now back in the 35/40 area.