THE OPEN

Markets open higher but looks for now like the gap is being sold -note the initial slippage in BKX XLF XBD and all the big brokers have flipped to red.

Strongest sectors- ags, metals, oils, biotech, drugs and large caps while telecom, airlines, brokers, banks, internets and retail lag.

Key stocks- 30 out of 40 green -leaders- DECK POT GRMN XOM CELG NVDA INTCD VMW UA KLAC- losers- NYX GOOG MER LVS CME MS GS ISRG WYNN;

NYSE- 1,250 net winners;

NAZ - 890 net winners;

NDX- 80 GREEN;

OEX -80 GREEN;

IBD 100- 83 GREEN;

VIX - FLAT;

TRIN- .87;

Up volume 3X Down volume;

Looks like a classic fade the gap in a bear market until it stops working and for now its working. My strategy to buy the dip if I see the financials stabilize.

Oils ripping and the real trade of the day maybe buying the OIH/XLE on dips.