THE OPEN

Looks like turn around Tuesday has arrived right on time as the markets trade higher led by the NAZ/NDX and big cap tech.

Strongest sectors include emerging markets, financials, retail, reits, banks and real estate with utils, biotech, defense and large cap value lagging.

Key stocks- 38 out of 40 higher as BIDU VMW AAPL RIMM DECK TIF NVDA and GS are leading while MO XOM NYX CELG MSFT and MS are lagging.

NYSE -1700- net winners;

NAZ -1050 -net winners;

NDX-75 WINNERS- ADSK MICC INFY AAPL NIHD XMSR ROST RIMM NVDA GRMN;

OEX-90 WINNERS- WMT LTD GS JPM LEH TGT C WB COF MER AXP;

IBD 100-78 WINNERS- DSX HDB DRYS PKX BIDU PDA MICC SDA VMW TELOZ LFC;

LOSERS-SSRX KOP VSEC BHPX TISI MDR CLB MCD DD AMGN AES CVX COP ADBE CTXS INTU JAVAD ERTS FISV XRAY LAMR;

VIX- down 15% and only 5% above the 10 day SMA;

The SPX is back over the 1,450 support level and the question is always whats next. Next stop could be the 1,475 level which is another area of recent support and a few points under the 200 day SMA.

GS up about $13 as it announces no write offs at the Merrill conference- nice and thanks.

OIH for what its worth is at the 50% FIB retracement and may be worth a shot here with defined risk.