OPENING CHECK

Suprisingly the markets have opened a bit lower led down by tech, internets, biotechs, and drugs. Higher out of the box include metals, retailers, and brokers as GS has again recaptured the $150 line. Small caps are leading as the IWM is the only major index higher as I type.

Market internals are flat and the 10 year Bond is back over 4.75%. Just wondering if interest rates have put in a short term bottom which may also signal a short term top in the major market indexes as they bottomed back in June/July when the 10 year was trading at the 5.25% rate. My source at Minyanville.com suggests that commercials are now way net short the bonds and that is generally the smart money.