QUICK TAKE

Markets open weaker with DJIA down 55 sp-3.5 and NAZ -9 as I type. That really isn't telling how poorly the markets are acting as the internals show 2,200 more losers than winners and the best performing sectors are metals oils and semis. Maybe semis are becoming the equivalent of a precious metal or maybe they are just way way oversold. Worst performers are homies, airlines, trannies, BROKERS, and internets. Also note that GE, with the mornings decent numbers and in line guidance trades down over 1%. That may be a preview of how other earnings stories may trade next week.

My feeling is that as long as the market internals act poorly all rallies/ mini rallies can be shorted.