THE OPEN

Markets are way up this morning but are approaching the first level of resistance at SPX 1,340. The DJIA +97, NAZ +22 and SPX +12.

Strongest sectors- oils, brokers, retail, metals, emerging markets and telecom while biotech, airlines, utils and drugs lag.

Key stocks generally higher led by ICE NVDA LVS TIF MGM MSFT UA BG ISRG MS- losers BIDU RIMM AAPL BAC MA BAC CELG DECK XOM;

NYSE- 1350 net winners;

NAZ - 780 net winners;

NDX-80 GREEN;

OEX-90 GREEN;

IBD 100- 80 GREEN;

WINNERS- ARD TISI CEDC VIP SVR NDAQ CLR ROS RYAAY VMED LOGI STLD LLTC LEAP AKAM JNPR ATI WFC RF ORCL SLB MSFT HA S BHI ROK;

LOSERS- AAPL BAC BAX AEP MRK PEP ABT SO FMCN RIMM APOL ADBE BIDU UAUA MR FMCN HRBN CVA DLB VIVO;

Up volume 5x Down;

TRIN .54;

VIX - lower by 4%;

Crude up about 3% on a bigger than expected draw- and OIH up $4.5 near $178

Please be careful with longs here as shorting near these levels has worked over and over-