TURNABOUT

Markets have opened lower on the heels of a good jobs report, a downgrade on DELL and crummy news from MOT which is bringing down the tech complex. Rates are rising on the higher than expected jobs report and only 24 hours ago folks were giddy about tech and all things NAZ. Today, the MSH and the SOX are both down 1.5%.

Sector winners are biotech, oils and yikes GS has flipped to green as has MER after being down yesterday on a green day. Leading lower today are metals, semis, airlines, tech, utilities, small caps, internets, software and trannies.

Market internals are bearish with about 2,800 more losers than winners with a NYSE skew to the red in light of the RISING RATES.

The OEX shows about 25 up and 75 down; the SPX 120 up 380 down and the NDX has about 30 up and 70 down.

I have already dipped in for some SMH as I suspect they will come back for tech next week and the DELL/MOT news will be ancient history.