THE OPEN

Markets are trading lower led down by the NAZ/NDX and semis, internets and tech on the heels of the MSFT earnings.

Strongest sectors- brokers, retail, drugs, trannies and utils while tech, oils service, small caps and real estate lags.

Key stocks- mainly lower with DECK BIDU V TIF MON C GE green and MSFT RIMM INTC BG KO WYNN NVDA and PM lower.

NYSE- flat internals;

NAZ- 280 net losers;

NDX -40 GREEN;

OEX- 60 GREEN;

IBD 100- 60 GREEN;

Seems to be setting up as a choppy day with opportunities from all sides of the markets. Dennis Gartman in his letter this morning says " We are turning bullish of stocks generally and we wish this morning to buy the SP future, the NAZDAQ, the DOW, or the RUSSELL."

Dennis was a big commodity bull but has sold all his gold holdings of late and now appears to be very bullish on equities. I agree.