THE OPEN

Markets open mixed with the much discussed DJIA acting the worst of the major indexes. The DJIA futures traded near the 12,220 mark early this morning but have now given back about 80 of those points quite rapidly. Generally the day after Fed Day finds the markets doing the opposite and today may find that general rule applicable.

Sector leaders, metals, airlines, retail, oils, oil service, biotech and brokers. Losing sectors include drugs, software, semis, tech, trannies, small caps and banks.

Stocks on the move include GS KLAC BBY MSFT and GOOG.

Market internals act ok despite the downturn in the major indexes. 200+ on NYSE and 140- on the NAZ.

The selloff may not be much of a surprise to traders as the SPY came into the day with a 2 day RSI of 99, DJIA of 96, IWM of 87 AND QQQQ of 72. These numbers haven't meant much recently but eventually there needs to be profit taking.

Pivot point on the YM is 12,166 with support at 12140 and resistance at 12215. So some trades may come into play with the pivots.