LOWER OPEN

Markets open lower on the heels of what appears to be greater than expected growth in China.

The drugs/biotechs remain strong on some good news from AMGN and strong earnings news from SGP and MRK. Just about all other sectors are lower with silver stocks, metals, emerging markets, brokers, small cap value and real estate acting the worst.

Market internals are very bearish with a net 1,800 red on the NYSE and net 1,500 red on the NAZ.

The NDX has about 15 up to 85 down while the OEX shows 25/75 green to red.

There is some interesting green on the screen including GS MER MA JOE AAPL SGP GILD AZN AMGN EBAY and TXT.

Big losers include LOGI MICC INFY PTEN JNPR XRX MO SLB EP CCU and ATI.

Volatility indexes are climbing but not at high enough levels where I feel like buying the dip. My suspicion is buying this dip to early will not be wise with the internals this ugly.