The Open

Some interesting "stuff" this morning on the heels of the GE earnings whiff- such as a 26 year low on the Univ of Michigan sentiment data at 63.2 v 69 consensus. Just wonder how much of that is due to W's lowest approval rating ever?

Anyhoo- strongest sectors in the carnage include utils, real estate and BANKS- while airlines, gaming, defense, steel and tech are the worst.

Key stocks -6/40 higher led by UA MS C MON V MA DECK GS- lower are GE ISRG NVDA WYNN LVS and MER;

NYSE- 1700 net losers;

NAZ- 1340 net losers;

NDX-10 GREEN;

OEX-20 GREEN;

Up volume 4/1 Down Volume;

Vix - up 1 or 4% and trading at/near the SMA 10;

Crude- down 50 cents- to $109.5;

Gold - down $5 to $927;

EURO- 158+;

Indexes look pretty ugly while banks and brokers are actually showing some relative strength - BAC C MA MTB USB V WB WFC GS LEH MS all green while the XBD is down less than .5%;

Tech is performing in line while AAPL GOOG RIMM BIDU HHH SMH MSFT INTC are lower but hardly crushed.

Looking for 1340 and the 50 SMA to hold in light of the financials with higher prices more likely than not next week.

BESPOKE with some nice work on the energy sector;