OPENING LOOK

Markets open lower as oil moves up and folks probably have added trepidation about third quarter earnings. Major indexes from best to worst- NDX COMPQ SPX DJIA MID RUT;

Strongest sectors include oils, gaming, utils and semis while homies, financials, banks internets and real estate lag.

Key stocks 10 out of 40 higher led by BG MSFT KLAC NVDA MO CELG AAPL POT; laggards BIDU MER ICE TIF NYX CROX GRMN;

NYSE internals 1,500 net losers;

NAZ internals 1,000 net losers;

IBD 100 -14 WINNERS;

NDX - 35 WINNERS;

OEX -25 WINNERS;

Biggest winners- TBSI TEF CHL CPLA BTJ GPOR CMG SLB AES HPQ MSFT NSM SLE BHI CMCSA TXN DISH ESRX BRCM SIRI MICC APOL VRSN;

Biggest losers- ERIC YHOO INFY AKAM JAVA SNDK RYAAY WFC GM LEH WB CSCO WY GS BAC TRAK SNP PKX SDA PDA CYNO RIO MR SID;

VIX up about 8% and about 15% above the 10 day SMA; DIP?

Down volume 4x Up volume and more new lows than new highs this morning - first time in a while;

Two day RSI numbers heading to buy territory as follows:

SPX 11

OEX 10

DJIA 13

RUT 12

NDX 28

General rule, buy major market indexes when the 2 day RSI hits under 10 - sell over 75;