OPENING MARKETS

Markets have opened flat on the heels of crude prices breaking below $55. And what happened to the great CNBC theory of lower crude means higher stocks?

Strongest sectors are gaming, airlines, retail, reits and biotech while oils, metals, software, internets and utilities are trading lower.

Big cap indexes are showing mixed internals with about net 60 green on NDX; net 50 green on the OEX and net 260 green on the SPX 500.

Overall market internals are 300 red on NYSE and 500 red on NAZ, so again the big indexes are outdoing the individual stocks.

Key stocks are mixed with AAPL /GOOG/KLAC green and GS MER and MS red.

When is it time to buy the oils? I will not try to call the bottom, but I do know that the OIH was down in the $118 range when it bottomed the last time and we are still about $10 above that level. The XLE bottomed last time near the $52 level and that is still $3 lower. Not saying we get there again but trying to call these bottoms hasn't worked of late.