DOWN OPEN

Markets open mostly lower with SPX outperforming NAZ with the DJIA index acting best as it is bolstered by BA AIG PG AXP and C.

Winning sectors so far today include airlines, banks and brokers. Worst of the groups include the oils on the heels of downgrades galore and metals.

Market internals a bearish 2,000 more losers than winners and Alan Farley would probably call it a day to short rallies.

Volatility indexes continue to remain in the low territory of 12/13 indicating fear refuses to exist in the financial markets.

I have a rule of not trading when not completely healthy and today is one of those days so I am in watch mode. My take, the short side may not be it today as the banks and brokers are trading in the green and that may be a preclude to a little snap back. Also watch the semis and see if they can shake off the MRVL warning and poor acting NAZ.