THE OPEN

Markets open higher but it looks like we are getting a bit extended. Sorting through the OEX/NDX, I find nearly 30% of the issues trading with 2 day RSI's over 95 and none trading under 14. Also plenty of new 20 highs such as:

MSH XOI FTO CMR NMX FCX BYD DFX ITA TXT DWC SPX OEX INDU MID RUT NDX BIIB.

Also weakness in TIF and APPL.

Strongest sectors include metals, semis, oils, small caps, trannies, software, gaming, small cap growth, tech and airlines. Lagging are homies, drugs and utilities.

Biggest winners include DELL MICC EXPD NVDA LVLT VRSN WYNN LEH SLB AVP NSC INTC CSC CYNO ARGN CLRK PCR and KSU.

Biggest losers include HURN AAPL CPLA VIP HURC T WY EXC MO CBS VMED FISV NTAP GRMN and AMZN.

Market internals are strong with net 1,600 green on the NYSE and net 1,250 green on the NAZ.

The NDX/OEX and IBD 100 are close to 8.5/1.5 green to red.

The volatility indexes down by about 3% and now trading about 5% under their respective 10 day SMA's.