THE FLEECE

Markets open lower after trading higher in the pre market on the heels of yesterdays big push netting some pretty overbought conditions.

Strongest sectors include oils, gaming, silver stocks, brokers, metals, biotech and gaming. To the downside, airlines, software, tech, semis, internets, trannies and small caps.

GS MER MS BSC flat and AAPL GOOG MSFT INTC MA C BAC lower.

Market internals are red 150 on the NYSE and red 250 on the NAZ.

The OEX/NDX tandem shows 3 up for every 7 down while the SPX has about 180 up and 320 down.

Strong stocks include SLB CVX WMB BHI PG PTEN IACI MNST LVLT and SNDK.

Weak stocks - INTU FLEX BRCM UAUA LLTC CELG AKAM NSM RTN DOW EXC MSFT GD and CSCO.

Volatility indexes generally higher but not much movement and still solidly oversold.

The SPX is stretched way over its short term moving averages (13/21 day SMA's) and I expect to buy at lower prices.