MORNING DIP

Markets open lower supposedly on the heels of the Fed Head speach earlier in the morning. I will go with the over bought levels causing profit taking and reversion to the mean.

Strong sectors include tech, gamin (on the heels of MGM potential break up value), wheat, soybeans and corn while homies, retail, metals, small cap value and real estate act worst.

Key stocks all lower with the exception of MGM PG GOOG BIDU AAPL CME LVS ICE and INFY.

IBD 100 winners include FTK BCSI MTOX SNP PCR and the losers being AKH FCSX MICC CLRK COH and SPSS.

Market internals are ugly with a net 1,200 losers on the NYSE and 870 net red on the NAZ.

The NDX is 30/70 up to down while the OEX is about 4 to 1 losers to winners.

Volatility indexes up about 4% and trading about 3% above their respective 10 day SMA's.

Low 2 day RSI levels include C 5, COST 1, MRK 0, BBBY 1, APOL 4, VRTX 1.

Bounces would not surprise me but I expect them to be sold today as the markets need a rest. They are/were very overbought.

It may be a time to check out trading some other markets like Wheat, Corn Soybeans or Silver. They are all very volatile and are not linked to the movement in equities.