OPENING ISSUES

Markets open lower but have come way off their lows in the opening hour. The NDX/NAZ is the strongest major market index with the RUT once again the weakest.

Strong sectors include metals, internets, airlines, homies, utils and defense while oil service, real estate, semis, banks and biotech lags.

NYSE internals 525 red;

NAZ internals 580 red;

OEX - 35 WINNERS- AA TYC ATI UTX DD CL GM MDT WY AVP SO EXC; LOSERS AXP MS NSC INTC MER COF DELL LEH AMGN HPQ EK;

NDX- 45 WINNERS- YHOO RIMM SNDK CHRW XMSR LBTYA SIRI EBAY AMLN EXPD JOYG; LOSERS- RYAAY NVDA LVLT INFY CTSH ESRX ALTR INTC DELL SHLD QCOM BIIB;

VIX up 3% and a bit above the 10 day SMA;

LVS/WYNN march on higher while brokerage stocks are generally red along with all the big banks. Drugs and bios generally red cept for CELG.

Tech stocks mixed with AAPL AMZN BIDU GOOG KLAC RIMM green and AMAT HPQ IBM INTC MSFT red.

Interesting how the markets have bounced back from the opening lows and are now near the unchanged level. Note the 50 day on the SPX at these levels. Hopefully it will act as support going forward and if we get the news every one is hoping for from Big Ben next week we could march up to the 1500 level.