DOWN OPEN

Markets have opened lower on the heels of profit taking/weak GDP news. DJIA -38, SPX-5, and NAZ-5.

Market internals are -200 on NYSE and -400 on NAZ.

Sector winners include internets and biotechs with biggest losers being drugs, oil service, retail, airlines, cyclicals and tech. Stock winners include MSFT EBAY AMGN PAAS and AAPL. To the red include ORCL INTC LEH GE TGT and GS.

The 10 year Bond is trading higher on the heels of the lower than expected GDP with the rate now down to 4.685. This may be reason for another move higher for equities. Also the outlook for a rate cut has improved and the only question is how much is built into current prices.

Congratulations to Bloomberg TV for actually asking tough meaningful questions to their guests. Quite a change from the bubblites who insist on cheerleading every new high on the DJIA.

Note also how the YM made an about turn at 12,140 (support) and has give 20 points in a few short minutes to anyone paying attention to the pivots.