OPENING LOOK

Markets open lower but are well off their worst levels as I type. Bringing the markets down - bad news from BBY and a lousy number out of the wolverines- with consumer confidence at 69.6 v a 75+ number expectation.

Big caps are better than small and to everyone's surprise the XLF is green - BSC +4% showing the way.

Strong sectors include airlines, metals, drugs, financials and oils while real estate, gaming, homies, defense and semis lag.

Key stocks- lower - Winners- MO NYX PG MSFT KO BAC- Losers- MGM VMW LVS WYNN UA MTW ICE AMZN MA TIF;

NYSE/NAZ - 2,100 net losers;

NDX- 25 GREEN;

OEX- 30 GREEN;

IBD - 20 GREEN;

VIX- 24.45 and down 4% in front of the 3 day weekend;

TRIN- .7

Down vol about 2X Up volume;

Watching SPX 1,340 as that is recent support- the lousy internals probably hinting it won't hold through the day.