THE OPEN

So much for follow through to Friday's bounce as financials get pounded especially hard. The DJIA +17, NAZ FLAT and SPX -1.

Strongest sectors include biotech, defense, drugs, semis, large cap growth and small caps- lagging are airlines, financials, banks, brokers, metals and trannies.

Key stocks- 15/40 higher-leaders- CELG IBB MSFT POT PG ICE KO KLAC- laggards- UA C BIDU GS MA BAC GOOG AAPL;

VIX +2%;

TRIN1.25

Down volume about 50% more than up;

NYSE- 100 net green;

NAZ- 250 net green;

NDX- 50 GREEN;

OEX- 60 GREEN;

IBD - 50 GREEN;

Market making a bit of a comeback on the heels of the housing report which wasn't horrible.

Next level to watch -1,360 on SPX - been tough resistance of late and if we can punch through there- maybe we have something.