OPENING CHECK

The markets have opened mostly lower and are meandering giving mixed signals.

How so: internals are bearish although improving with 1,200 more losers than winners; SMH/AAPL higher which is bullish; biotechs, oils, metals, airlines, GOOG, GS, brokers and banks all lower, which is bearish.

I have covered some of my QQQQ short but will look to redeploy at higher prices such as the pivot of 36.75.

Love Liz and her remarks about the remarkable resilience of the equity markets. Someone should remind Liz how the markets acted all the way back to yesterday.