OPENING DIP

Markets open lower with the small caps again showing the way down. The DJIA is -35, NAZ-6, SPX -5, RUT -5 and MIDS-4.

Strong sectors include retail and airlines while metals, silvers, real estate, semis and internets lead lower.

Big cap winners include MGM AAPL GOOG INTC BAM MA PCLN CAP WRNC DELL BNI NSC TGT BA SLE SUNW BEAS PETM UAUA SBUX and COST.

Losers- GS MER CME NMX SLG KLAC TXN CAM XTO BIIB WYNN IBN FDX YHOO WFMI VRTX ATVI GENZ JOYG ATI CAT MDT GM XRX HIG and UPS.

Market internals are weak with 1,110 net loser on the NYSE and 900 net red on the NAZ.

The OEX/NDX/IBD 100 trio are all 3/1 red to green.

The VIX is up a whole 22 bps or less than 2% while the VXO is up 44 or 3.3%.

Little to say except the markets are generally over bought so a little dip here should not be surprising.