OPENING CHATTER

Markets open lower and oil, which was way up on the BP news, is falling back on OPEC's comments that they are "willing and capable" to meet any gap from the Alaska outage.

Market internals show 2k more losers than winners and best performing sectors include oils and metals; worst performers are airlines, internets, biotechs, small caps and trannies.

SMH is trading higher out of the gate and my be an interesting early tell.

Volatility indexes are higher VIX+5.4% and VXO+3.2% but not high enough to generate any trading signals.

Someone commented the other day about using QLD or QID, the double weighted QQQQ, my initial reaction; bad spreads.