OPENING CHECK

Markets are a bit lower this morning but I caution any one who wants to short as the market internals are a bit green and I suspect a snap back rally may appear before you suspect.

Sectors/stocks acting well today include AAPL EBAY PAAS metals, internets, oils, GOOG, drugs, and biotechs. To the downside - semis, INTC, banks, brokers, cyclicals, consumers and tech.

I suspect the semis may be putting in a temporary bottom as the bad earnings news is now out of the bag.

The brokers are acting doggy out of the box and that could be a bit of a fly in the ointment as they have led this rally.

Market internals now +330 on NYSE and +230 on NAZ.

DJIA winners include T KO MO GM VZ PFE and XOM. To the downside, HON INTC MCD JPM UTX and C.

Note the OIH back over $130 in spite of crude at/near new lows. OIH hit the $117 area a few weeks ago when crude was much higher. What gives?

And was Faber dumped from Squawk because his pom poms were too small?