THE OPEN

Markets opened strong on the heels of the strong job number but was quickly sold and the DJIA is down 70, NAZ -10 and SPX -10 as I type.

Strong sectors include metals, drugs, semis, oils and biotechs while fnancials, homies, real estate, gaming and retail act the worst.

Key stocks generally lower with MTW BIDU NVDA DECK RIMM and MO green while LVS MER WYNN UA VMW UA GS BAM all crushed.

Big winners- ERTS SIRI XMSR LVLT CTSH S F SLB S NXY AES NSM PG HPQ HMSY SYNA ANSS CLB TEF BIDU WX;

Big losers- EDU SNHY EJ VSEC FSR CMG SSRX VMW MER CI AIG JPM GS WB MS BAC WYNN LVS SEPR MXIM AMZN EBAY;

Market internals opened strong but have since flipped to red with 750 net losers on the NYSE and 450 net red on the NAZ.

NDX -stronger than expected with 45 WINNERS;

OEX -40 WINNERS;

IBD 100-30 WINNERS;

VIX higher by 6% and getting very over bought;

RSI (2) on major indexes trading at/near 15 and getting down to the buy levels of under (10).

I don't have any great insight into what will change market direction as financials/brokers are getting crushed on the WSJ article about MER. Suppose the best thing to do here is follow the signals and buy if the targets get hit.