THE OPEN

After good inflation numbers and higher futures markets, the indexes have opened a bit lower with the biggest sector loser being the semis. Technology, drugs, metals, small caps all lower while sectors higher include retailers, oils and airlines.

The major brokerage houses are all trading in the red this morning and the BKX index is also slightly lower.

SMH, discussed in the prior post, has run into some real resistance at the $35 level and I would watch that sector for general market direction as lately its been the first up and the first down.

Market internals are slightly bearish with 900 more losers than winners.

It is setting up as a very uninteresting day and shorting high ticks on DJIA futures will probably be my main area of focus.