THE OPEN

Markets are trading flat about 1 hour in with the leaders being - brokers, utils, insurance, oils, telecom and steel while gaming, airlines, ags, internets and trannies are all red.

Key stocks- 20/40 green led by BIDU MER ISRG MS AAPL MTW GS XOM NYX- losers- NVDA WYNN KLAC LVS PG DECK BG CELG and MGM;

NYSE- 380 net red;

NAZ- 520 net red;

NDX- 37 GREEN;

OEX- 60 GREEN;

IBD- 32 GREEN;

VIX- higher by 3%;

Up and Down volume about equal;

GOLD/CRUDE near the flat line at 947 and 115;

EURO 1.59+;

Markets probably digest yesterday's gains and maybe even move a bit higher as the financials have some pretty green bars in the early going. For now, we are solidly above the SMA 50 and I will look to buy the dips (daytrading) as the next stop on SPX seems to 1385 area.

Trader Mike with some nice charts last night and The Gartman letter with an interesting take on mortgage resets this morning. Looks pretty good there going forward, not Gartman's graph but similar.