THE OPEN

Markets open lower on the heels of lower European bourses and some trepidation about the Fed and the brokers who report this week.

Strong sectors include metals, defense, oils, homies and some tech- weakness in real estate, big cap bio, brokers, internets, retail and trannies.

NYSE 790 net losers;

NAZ 875 net losers;

OEX- 34 WINNERS- GM CAT F HPQ SLB WMB XOM DOW ATI CVX- LOSERS- BNI AMGN KO CI MS AES EK COF NSC LEH;

NDX- 25 WINNERS- SIRI WYNN CTSH S RIMM LRCX AAPL MICC LOW CKFR- LOSERS- IACI RYAAY EXPE MRVL GILD ERTS EBAY FAST SHLD AKAM LINTA;

IBD 100- 42 WINNERS- CMED BIDU AIRM LIFC SNDA FTI LWAY CNH FTK ROS CLB; LOSERS- SPEC TBSI MORN OII VSEC MT NVO GPOR AMZN MA TKC;

The SPX trading at near the 50 day SMA and if you look closely at the chart, it has been in a trading range since the middle of August between 1,430 on the bottom and 1,496 on the top.

The NDX seems to be in an up trend since mid August and is above all the relevant moving averages. I don't think we will go very far in either direction before tomorrow at 2:15 but if we sell off on that news tomorrow what ever it may be, I will be inclined to buy the dip.