OPENING LOOK

The markets open ugly with the NAZ taking the brunt down another 19, SPX down 6 and DJIA lower by 40. The ramp on Wednesday is becoming a distant memory as most earnings news seems to get sold regardless of guidance with the most expensive stocks getting hit the hardest.

Market internals are ugly with 2,800 more losers than winners and SMH is at a new 52 week low trading near the 29 level. Oils are also getting trashed again even as the price of crude trades back to the $75 level. It is becoming apparent that the oil patch stocks now trade in line with the major market indexes.

Jimmy gave a great explanation yesterday on why you need to buy the OIH at 135 and how all the option games impacted the price. Well if you liked it at 135 you should really love it at 131 a few moments into trading.

Bottom line, go with the charts and sell any rallies (wishful) back to the Wednesday highs.