HIGHER OPEN- SMELLY SOX

Markets open higher led by the NAZ and the Small Caps.

Market breadth is minty fresh on the NYSE with about 1,300 more winners than losers and bullish also on the NAZ with +1,000.

In addition to the uber bullish breadth, we are getting several TICK readings above 800 so looks like the demand for equities is back as of now.

Fly in the ointment this morning, the SOX. SMH and SOX indexes are trading flat on the heels of downgrades of the sector and INTC from Bernstein this AM.

Sector winners include brokers, GS/MS/MER, biotechs, trannies, metals, airlines, internets and financials. The weakest groups on a relative basis include semis, oil service, gold and silver.