OPENING LOOK

Markets open mixed with the DJIA unchanged, NAZ and SPX +2 and the RUT up .2%.

Strongest sectors include silver, metals, oils, software, homies, drugs and trannies while semis, gaming, internets and retail lag.

Market internals are strong with a 70/30 up to down ration on the NDX; 62/38 on the OEX and 280/220 ratio of winners to losers on the SPX 500.

Overall market internals on the NYSE are +700 and +300 on the NYSE. Up to Down volume is running at about 2/1 but again its the day before a 3 day weekend and I would be cautious with large positions in either direction as most traders likely square off before the end of the day.

Key stocks have GS+$1, AAPL -$2.25, GOOG+$4.25 MER MS and KLAC flat.

Semis tried to rally off the opening lows but have since dropped again and scaling in looks like the play for those interested in this ETF.