THE OPEN

Markets open lower and one thing I bet you won't here from the Pisani/Haines group on bubblevision- Hey Bob is this a double top on the DJIA as we get up to the May highs on the Dow and sell off again"? Could be an ominous sign but you won't hear it from those "journalists."

Another thing on my screen quite I find bothersome, the rate on the 10 year Bond is down to 4.61% as stocks are lower. That is worrisome as bonds may be signaling a deeper slowdown and stocks may finally be agreeing. The good news for the bulls, the action in the semis as they are about the only green on the screen- possible snap back rally- perhaps.

Worst sector performers include small caps, tech, biotechs, airlines and retails. Best are metals and the aforementioned semis.

Volatility indexes are "ramping" to the 12/12.5 level. Not a lot of fear, and who would have thought that the QQQQ would ever go below 40 again?