EARLY LOOK

Markets open mixed as the DJIA trades to a new all time high on the heels of the action in VZ UTX AA and CAT.

Strongest sectors include real estate, airlines, drugs and trannies while oils, biotechs, retail, internets and utilities lag.

Market internals favor the bear as the NYSE shows 730 net red and NAZ 650 net red;

The NDX is 3/2 losers to winners while the OEX is a hair better;

Volatility indexes - UNCHANGED;- And a question - why was the VIX/VXO in single digit range when the markets were lots lower?

Action of interest:

Mid and small caps are lagging;

Financials mixed;

Brokers trading pink while Xchanges are higher led by CME;

Biotech all red;

Defense/aero mainly red with the exception of TXT;

Drugs all green with the exception of MRK;

Gaming slightly green;

Machinery standing out green with CAT JOYG MTW TEX all up between 1 and 3 percent;

Metals generally lower with BHP down over 2%;

Oils all red led lower by TSO HP XTO PXD COP; Probably gonna dip in and add;

Real estate / reits - green on the heels of a "somewhat" bullish article in today's WSJ-

Retail continues to act crummy with the exception of GES M and UA;

Tech is mixed led by AAPL GOOG RIMM - red are SMH HHH AKAM AMZN CTSH SNDK and YHOO;