The Open

Markets are trading higher after an initial dip. The DJIA +26, NAZ +17 and SPX +6.

Strongest sectors- oil service, homies, biotech, semis, brokers and gaming while the drugs, internets and trannies are lagging. Congratulations to Jim Cramer for constantly recommending SGP - which is down 25% as I type on the heels of the lousy Vytorin outcome- MRK a hair better but still way down.

Key stocks 27/40 higher led by PMI NVDA DECK CELG WYNN ISRG TIF CAT AMZN- lower are CME ICE UA BG RIMM C POT BIDU;

NYSE- 770 net winners;

NAZ- 630 net winners;

NDX-75 GREEN;

OEX-63 GREEN;

IBD-65 GREEN;

WINNERS- CCH ROS CLR EXPO ISYS WFT FSTR VRTX SNDK GILD DISCA APOL S ABT WB BHI JPM SLB ATI CAT;

LOSERS- ANSS TKC RBN TISI CTRP SDA FMCN AKAM GRMN YHOO UAUA EBAY MRK AA C BMY TYC MER CL LEH WFC;

VIX- trading up - seems weird on down days it has been and today its up;

Up volume a bit more than Down volume;

Gold up $9 to $940; Crude up 30 cents to $106; EURO over 1.58;

Looks like the 1315 line has been bought - not sure it lasts and am holding the powder dry so far.