THE OPEN

Markets are lower but well off their lows as the word "resilient" continues to make the rounds. The DJIA is -20, NAZ -5 and SPX -1.5.

Strong sectors include real estate, oils, corn, biotechs and utilities. Leading lower are semis, airlines, tech, defense, homies and drugs.

Higher stocks inlcude SLG BAM BOT VLO FTO SNDK AAPL PVH and BIIB. Lower are MA CME MER GS GOOG MSFT SGP DNA INFY and FDX.

Market internals started very weak but have been improving and now show net 575 red on the NYSE and 860 net red on the NAZ.

The OEX has recovered to only 3/2 red to green while the NDX is a hair worse at 35/65 up to down.

Weak stocks that may be of interest today include WB BAX MCD HIG MRK BAC BAP NTAP APOL EBAY EXPE FLEX and SUNW.

Lots of high tick readings indicating to this observer that buyers are lurking as the markets have dipped. We never got to the VIX/VXO overbought levels of 14.75 and 14.3 respectively.

Also, the Pivot Point on the SPX is near 1,516.5, so if we can get above that level we may just have a nice reversal taking us to new highs before too long.