OPENING NOTES

Problems with blogger at clogspot not allowing pictures, but many can guess what picture went with the prior post.

Anyhow, the markets have opened lower due to oversold readings on the volatility indexes, Boone calling for $100 oil, a big miss on guidance by UPS or something else. Glad to hear that Susan Byrne loves the market as do most long only mutual fund managers. They always love the market.

Market internals show about 400 more losers than winners with best performing sectors being oils, metals, semis and biotechs. Worst groups are trannies(UPS), GOOG, brokers, airlines and retailers.

Back to Boone, in the interview where he called for $100 oil, he mentioned that supply and demand were at or near equilibrium levels of about 83,000,000 barrels a day. His concern is what happens when/if some of the supply goes off line.