THE OPEN

Markets open lower with the DJIA-40, NAZ -11 and SPX-5 with a bright light found in the SEMI space as the SMH is green.

Market internals show 700 to the red on NYSE and 830 red on NAZ.

Strongest sectors include silver, semis and some retail; to the downside are broker led lower by LM down 16% on the heels of crummy numbers; trannies, internets, biotechs and oils all lower.

Keep an eye on those SEMIS, as they usually lead and I suspect a snap back rally before the day is done as the internals have been steadily improving.