OPENING CRUSHING

Markets open significantly lower with the DJIA and NAZ fairing the worst as strong oils keep the SPX as the best of the bad. The NDX/QQQQ is trading a bit below the 50 day SMA FWIW.

Strongest sectors are oils, metals, gaming and financials while the worst include tech, semis, airlines, small caps, retail, software and biotech.

NDX internals are very week with about 15 gainers; SPX has about 130 gainers and the OEX has about 28 winners. So ugly on all the major index internals while overall the NYSE numbers are -900 and -1,150 on the NAZ. Down volume is beating up volume by a not so terrible 2:1 and the TRIN is hanging in at a reading of 1.00.

I mentioned on Friday that the range was very narrow last week and volatility may increase as low vols beget high vols. Well the DJIA has dropped 90 points in about an hour; about the entire range of last week.

Key stocks showing red with GOOG-5.6, AAPL -2.2, GS FLAT, MS +.36, ICE -2 and SMH down 1%.

The old adage of down openings in bull markets are to be bought may be in order as may the "markets that are weak all day tend to close at/near their lows" so take your pick.