OPENING LOOK

The markets open strong and continue to hold near their highs. Market internals are as bullish as they get with 3,500 more winners than losers. I would watch those for any slippage as a sign of another failing rally.

Strongest sectors include airlines, trannies, SOX, techs, brokers and retailers. The weakest link is the oil patch.

For all those looking for the switch from small to big, the IWM is +1.1%, the SPY+.65% and DIA +.57%. Just so you know.

Another for what its worth, the SMH has already lost over 1% of its opening gain as it has fallen from 31.89 to 31.55 in about 25 minutes.