The Open

Markets are trading lower but well off their worst levels. Best performing major indexes include MID and NDX. The DJIA is -17, NAZ -6 and SPX -2.

Strongest sectors include ags, oils, internets, reits and semis while retail, homies, gaming and metals lag.

Key stocks- 15/40 higher led by RIMM POT MON BG MA and MTW while AMZN NVDA MGM UA GOOG CELG and GS lag.

NYSE- 220 net losers;

NAZ- 330 net losers;

NDX-40 GREEN;

OEX -30 GREEN;

IBD -65 GREEN;

VIX higher by 2%;

Up and Down volume about equal;

Gold lower by $5;

Crude near $104;

Markets seem to be bouncing from this initial support area near 1360 on SPX- next level near 1340 with resistance in the 1385/1390 area. I have put on some longs - and will look to add on more weakness. I don't think the bulls will throw in the towel quite yet.