SAME OLD SAME OLD

Markets open lower on the heels of a crummy consumer confidence number and general over bought market conditions. The DJIA is -50, NAZ -7 and the SPX -7. The big caps are actually the worst performing sector as RUT/MID are down less.

Strongest sectors include airlines, reits, utils, semis and drugs while oils, metals emerging markets and homes are getting hammered.

Key stocks generally lower with NVDA GOOG KLAC BIDU MGM GS MSFT and COST green and VMW MER CELG XOM GRMN MA UA BAM MTW the reddest.

NYSE internals- 730;

NAZ internals -655;

NDX - 30 WINNERS;

OEX -40 WINNERS;

IBD 100- 25 WINNERS;

Biggest Winners- NVDA GOOG ARGN SSRX CF CNH EJ SCHN SLT GOOG PFWD FTK SEPR AMAT KLAC WYNN ADBE SNDK AVP GM CSC BMY BAX TGT;

Biggest Losers- PG HAL MER EMC ATI CVX SLB FTI CYNO CAM OII FSTR GSOL GPOR YHOO NIHD TEVA XMSR JOYG SIRI TLAB INFY PAYX;

VIX up about 4% and the trading range continues;

Oils are getting crushed this morning with the OIH down about 2.5% as CAM SLB NFX XOM APC are all getting whacked. Tech is holding up pretty well as the NDX is near the unchanged line. SMH AAPL BIDU EBAY GOOG MSFT NVDA TXN all trading green. The usual suspects in gaming land also defying the days trend by trading higher- MGM WMS WYNN.

I suspect the early strength in tech and GS may bring the markets higher before the closing bell sounds.

And congrats to Stan O'neil for getting the Nardelli type package for Nardelli like performance. Well maybe he oversaw a bit more losses than Nardelli but you get the picture.