ENTER THE DIPPERS

Markets open lower but look to be bouncing as the "buy the dip" crowd seems to be getting a bit emboldened in light of the recent market bounce.

The DJIA is -63, NAZ -11 and SPX -6.

Strongest sectors include oil service, metals, gaming and biotechs while homies, reits, brokers and financials lag.

Market internals very weak with a net 1,350 red on the NYSE and net 1,050 red on the NAZ.

The OEX/NDX have about 20 winners each and the SPX has about 1 out of 5 in the green.

Strong stocks inlcude GS (beat the street), AMGN MA HAL MDT BHI and EXPE.

Weakest links include MRVL INFY FLEX ROST PCAR DELL TXN and MO.

The DJIA has 5 winners - T AA XOM CAT and MRK and leading lower are MO GM C JPM VZ and AXP.

For what its worth, Fib retracements as follows on the SPX:

38% at 1407; 50% at 1416; 62% at 1426.