OPENING LOOK

Markets open mildly higher with DJIA +9, NAZ+3 and SPX+2.

Leading sectors include brokers, airlines, small caps, biotechs and trannies. Leading lower are gaming, metals and semis.

Market internals are stronger than the markets with 600 net green on NYSE and 400 net green on NAZ.

The chart above of the NDX shows how poorly the four letter folks are doing in relation to the DJIA/SPX group. In fact, the semis hit their highs back in October so just a heads up that all the folks predicting an ugly selloff after the beginning of the new year may be on to something. If one checks back to the summer when stocks were at their lows, the NAZ led the rally with a move straight up and now seems to have lost the steam first.