OPENING TAKE

The markets open at/near their highs with the NAZ being the best performer. Market internals opened way bullish, but have already dropped from 3k more winners to less than 2k, so keep a close eye on any long positions as the gap faders may rule the morning.

Some tells to watch- GOOG and AAPL which have already flipped to red and GS which is hanging near the unchanged line. Note the BKX and XBD are barely green, also indicating some hesitation to the rally.

IWM continues to be the best tell of the market imvho and if that starts to dive lower, you can assume the other indexes will follow.

Best performing sectors include tech, SOX, metals and oils; worst include homies, airlines, trannies and internets.

And did anyone catch Chambers' comments on the backdating of options "its our policy not to backdate options" which of course sounds like we might have, but we didn't mean it, or, if we did, we hope no one finds out, and its our policy not to break the laws. Great stuff Johnny.