OPENING GLANCE

Markets have opened lower with the DJIA -60, NAZ -7 and SPX -7.

Market internals are plenty bearish with the NYSE -1,400 and NAZ -1,050.

The DJIA has about 7 winners and 23 losers, the SPX with about 75 winners and the OEX with 15 out of 100 green. So none too bullish on the major indexes. The IWM small guys are again the weakest of the major indexes down over 1%.

On a sector basis, winners are biotech, drugs, GOLD and SILVER. Losers are everywhere with oils, gaming, brokers, small caps, airlines, metal equities, financials and homies.

The oil inventory is due out at 10:30 while the OIH is really getting oversold here down another
$1.5.

Interesting to see with all the carnage that AAPL and GOOG are green while MS GS and KLAC are all red. Also, the SMH trades green and the VXO is up about 8% and trading about 17% above its 10 day SMA.