THE OPEN

Markets are trading slightly lower on the heels of the biggest 2 day rally in quite some time, so over bought is probably the short term theme. DJIA -67, NAZ -13 and SPX -10.

Sector strength found in oils internets and drugs while banks, financials, metals, brokers and airlines are lagging.

Key stocks - generally lower with BIDU VMW NVDA ISRG and MO higher while BG MER UA TIF NYX POT MS GS bring up the rear.

NYSE internals- 1,000 net losers;

NAZ internals -500 net losers;

NAZ -30 WINNERS;

OEX 15 WINNERS;

IBD 100-40 WINNERS;

Best Performers- BIDZ ATW STP EDU GSOL PDCO IACI BIIB LVLT NVDA MICC WMB EMC HAL GM MO T XOM GOOG SLB CVX CCU;

Worst- LEH MER COF RF HIG AXP AIG ENS SNDA VIP GLDN SNHY MBT TKC SHLD AMLN UAUA RYAAY CTSH LOGI PCAR PETM;

VIX flattish and way under the 10 day SMA;

And some breaking news, the DJIA is back under the 200 day SMA- so maybe a little shake out here and I am looking to add to longs if/when the SPX gets to the 1,450 level.

Didn't realize how good that Oil call was yesterday till I saw crude up $4 earlier this AM.