THE OPEN

Markets open lower on the heels of crummy news out of tech (INTC YHOO), drugs (PFE) and the brokers (BSC). The DJIA is -54, NAZ -23 and the SPX -7.

Strongest sectors include trannies (railroad buyouts), oils, retail (M buyout), utilities and metals while semis, internets, brokers, banks and real estate are under performing.

Biggest winners include PCAR NTAP CHRW SIAL UAUA NSC BNI ABT XOM CNH SPAN VCLK CAM and NOV.

Big losers- ALY NVEC MR ACH SNHY INTC MS PFE LEH JPM MER YHOO LRCX NVDA KLAC NMX ICE CME GS BSC and GOOG.

Market internals are weak with the NYSE at red 1,300 and the NAZ at red 1,200.

The NDX shows about 25 up and 75 down while the OEX is better at 37 up and 53 down.

Volatility indexes higher by about 5% and now trading about 5% above their respective 10 day SMA's.

Lots of folks wanted to buy the dip and its dipping although still not in over sold land as the SPX trades at a 2 day RSI near 25 and the DJIA near 45 as is the NDX.

My guess is dipping here will eventually turn out well as we probably get better news going forward which should take stocks to new highs (next week).