OPENING SALE

Markets have sold off again as usual after a gap open higher. SPX 1,420, today's Pivot Point was the big point of sale. My guess, some buyers from yesterday wanted a quick exit to lock in some profits and now the next round begins.

Strong sectors include emerging markets, retail, insurance, banks, internets, airlines and drugs- lagging are oils, metals and real estate.

Key stocks - 75% green led by DECK VMW UA MO CELG MER AMZN MS NVDA and GRMN; lagging are C XOM GOOG MGM WYNN AAPL ICE and BG;

Market internals- flattish on NYSE/NAZ after opening with about 1,000 net green on the NYSE;

NDX- 80+ WINNERS;

OEX -75 WINNERS;

IBD 100-40 WINNERS- note energy and metals are big components in the IBD 100 and they are the worst performers of the day;

IBD 20- also loaded with energy and lagging - in the red are FSLR WFT OXY SLB XTO GOOG CVS MOS and AAPL;

WINNERS- SPLS ATVI GILD MICC APOL INTU RF EMC AIG TFT ABT MO TYC EDU HDB ESRX FCSX ANSS ABAX HDB CNH;

Oil way down and the OIH at the 50% retracement number- 10 year Bond at 3.94% - don't expect oil stocks to suffer the same fate as tech stocks in Y2k. They have assets and sell at reasonable P/E's.

GS is a noticeable non participator in the rally and I would keep a sharp eye on its; in addition SPX 1,420- if we can bust through we may have some upside to 1,440 /1,450. Also, watch yesterdays lows near 1,405, a move below there shows little support back to 1,370, the low from August 16.