THE OPEN

Markets open lower on the heels of more bad news out of BSC and lower prices in Europe. The DJIA is -80, NAZ -14 and SPX -9.

Strongest sectors include internets, silvers and oil service leading lower are biotechs, semis, homies, utilities, drugs and defense.

The 10 year rate is up slightly at 5.172% while metals are also trading higher.

Biggest winners include EBAY MICC GOOG LTD SLB TYC GSOL WNR HURN X and NOV.

Biggest losers- TBSI ELP CPA CMG SIMG TTEC SO MER C MS LEH MSFT BMY SPLS NTAP LLTC GILD GENZ and ISRG.

Market internals once again are ugly with a net 1,400 losers on the NYSE and 900 net red on the NAZ.

The NDX shows 3/1 down to up while the OEX is much worse at almost 9/1 down to up.

Volatility indexes up about 6% and trading about 5% above their respective 10 day SMA's.

I don't expect a ramp higher today but choppiness around these levels and am trying to focus on next week.

The 50 day SMA on the SPX is 1,506 and about 8 lower from here; the DJIA number is 13,323 and about 150 lower; my guess is those numbers are buys if we get there.