10.31.2006

THE OPEN


Markets open slightly higher with another morning of NAZ over DJIA/SPX.

Market internals are not confirming a big upside day as the NAZ shows an equal number of winners and losers and NYSE about 300 more ups than downs.

Important sectors are a tad higher with BKX+.5%, XBD+.3%, SOX+.3% and MSH+.65%.

GS is up a buck and the DJIA Futures trade in a fairly tight range between 12,120 and 12,140.

Sector winners include airlines, financials, biotech, tech and brokers. To the downside, drugs, oils and oil service.

Looks to be another day where the major market indexes just bounce around and don't get traction either way.

Interesting how JNJ gets zero traction on the heels of the announcement the BRK took a big position.

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