OPENING LOOK

Markets open generally lower led down by small caps and growth stocks while the DJIA continues to out perform.

Market internals also show that the market may not rally today as the NYSE has 400 more losers than winners while the NAZ is worst at 600 net losers.

The NDX shows about 2 down for each 1 up and the OEX is about even between winners and losers.

BHI is dragging the OIH lower and is probably setting up as a buy for next week.

Banks are mixed with BAC JPM MA green while C and MTB are red.

Brokers also mixed with GS LM MER MS NMX NYX all green while BSC CME ICE NDAQ all red.

Bios primarliy red with the exception of AMGN which announced a big buyback.

Drugs all red despite an upgrade by BSC.

Oils generally higher despite the red BHI with DVN FTO HAL HOC NFX SLB SU VLO XOM and XTO all green.

Retail is awful with CROX CVS GES KSS PVH TIF UA all lower while WMT TGT SHLD M a hair green.

Tech a mixed bag with AKAM CSCO CTSH EBAY HPQ IBM INFY INTC KLAC MOT MSFT and SNDK all red while SMH AAPL AMZN GOOG RIMM TXN lightly green.

Two day RSI's in over bought territory on major indexes but not in nose bleed territory.

Bottom line, probably a choppy day as most following big trending day tend to be.