LOWER OPEN

Markets have opened lower this morning on the heels of some warnings from CVX and VLO and some underwhelming numbers from AA.

The DJIA is down 60, NAZ -3 and SPX -7. RUT/MID's about in line with major indexes as growth out performs value yet again.

Strong sectors include metals, gaming (WYNN+2.25%, LVS +2.38%) and biotechs while oils, brokers, airlines, banks and trannies lag.

Key stocks show 14 up and 26 down as COST LVS WYNN ISRG CROX GOOG lead and POT MS GRMN KLAC RIMM C JPM lag.

NYSE internals 950 net red;

NAZ internals 630 net red;

OEX 25 WINNERS;

NDX 38 WINNERS;

BIGGEST WINNERS- COST AKAM WYNN MCHP INFY MICC ROST LINTA SNDK CSCO TYC CSC PEP AES CCU AMGN MSFT KO BCSI VSEC TBSI DSX PCU DRYS;

BIGGEST LOSERS- CPLA LAYN HMSY MTL HURN AFSI WY AA IP CVX RF MS HIG AXP COF AIG PETM XLNX XMSR AMLN WFMI ATVI APOL;

VIX/VXO soaring higher by almost 8% and right back at the 10 day SMA- not sure where all the fear comes from;

Market certainly is over bought and a pullback here should not surprise anyone. It probably won't last long as many a hedge fund is probably lagging the averages and would welcome the opportunity to buy a dip.

Oil numbers at 10:30 and if the numbers are bearish I intend to dip into crude or the OIH as these sell offs are typically quickly bought.