OPENING LOOK

Seems like the folks who proclaimed "never another down day" will be rethinking their strategy this morning as the markets open lower by 1/2%. The question on days like this is when will the "buy the dip" crowd show and that will likely be the key to how far this selloff goes.

The best performing indexes yesterday, IWM and NAZ are performing the worst as the DJIA acts the least bad. No doubt the CNBC folk will be reminding us how well the big caps are acting.

Don't see too many best performing sectors, but the best of the bad are the consumers and the banks. Worst are the oils, semis, biotechs, techs, airlines and small caps.

Market internals are an ugly 3,200 more decliners than advancers and with internals that skewed, my bet is the day traders will be shorting into rallies.

Final note, Lebanon says that it will break the Israeli blockade if not lifted within the next 48 hours. That can't be good news.