OPENING SLIP

Markets open lower on the heels of another C downgrade and this time from GS and not some washed up WWE wife. The NDX/TECH is the place for now as AAPL BIDU EBAY HPQ IBM RIMM are all green on a predominantly red screen.

The DJIA is -68, NAZ -12 and SPX -10.

Strongest sectors- utils, internets, tech, biotech and larg cap growth;

Weak sectors- China, airlines, homies, emerging markets, brokers, financials, retail and banks;

NYSE internals- 1,870 net losers;

NAZ internals- 1,300 net losers;

IBD 100- 30 WINNERS;

NDX - 25 WINNERS;

OEX -15 WINNERS;

Key stocks- 12 out of 40 green led by ICE CME MCD GRMN AMZN MO GS AAPL ISRG and bidu; losers- LVC C WYNN POT MER MS BG BAC NVDA VMW;

WINNERS- DISH JOYG ATVI VRSN QCOM AKAM XRX SO BMY MCD NSM DELL AES GS TDG BIDZ STP ACO HMSY DSX FTI NOK ABAX;

LOSERS- BPHX EJ ABB LKQX BHP GGB FCX C GM ATI MS MER RF LTD COF AXP AA FDX LOGI RYAAY WFMI WYNN EXPE UAUA;

VIX - higher by 4% and a bit surprising as it is a short week and lots of trading will be coming off the board;

Down Volume about 4X Up Volume;

Key levels to watch:

NDX 2023 (50% retracement) Pivot Point 2036;

SPX 1450 (Line in sand) Pivot Point 1455;

DJIA- 13,080 Daily Support- 12,975 (recent lows)

I would be feeling more bullish if the internals and financials weren't so crummy but it its what it is. Also curious to see how much damage appears in the gaming area in light of the Barron's article.