OPENING VOLATILITY

Markets trade higher after a volatile pre market session as the futures traded all over the board. Rates look to be heading down this AM as the 10 year trades in the 5.11 area. And the SPX is at/near the 50 day SMA.

Strong sectors include semis, brokers, gaming, internets, biotech, tech, financials and airlines; leading lower are oils, drugs and metals.

Green stocks include NSM AKAM WYNN MXIM EBAY GRMN TXN ETR TYC MCD GS MER MS CME XTO APC MO GE TXN SMH IBM AAPL COST INFY DNA CELG GILD FDX and UPS.

Reds include TLAB JOYG RTN BHI BDK COP CVX IP XLNX WFMI PCAR NYX NDAQ BOT MA GOOG MSFT RIMM VLO FTO SGP and MRK.

The VIX is down 5% after 30 minutes while the VXO has barely budged. Not sure why but it is what it is.

Market internals have recovered as the NYSE number was initially red 1,000 and now trades flat. The NDX/OEX both flipped to green with about 6 up to 4 down. IBD 100 under performing as about a third of the group is higher.

I don't expect much market action today and higher markets next week as all the doom sayers get it wrong again.