THE OPEN

Markets are trading lower as they have drifted straight down since the open. The culprit seems to be another lousy consumer confidence number and of course over bought markets.

Key stocks- 11/40 higher led by MA LVS BIDU XOM WYNN RIMM- biggest losers- UA MTW MON POT MS BG AMZN MER C MSFT;

NYSE- 800 net losers;

NAZ- 490 net losers;

NDX-35 GREEN;

OEX-35 GREEN;

IBD- 20 GREEN;

VIX- higher by 4% at 20.4;

Up volume .5X Down volume;

TRIN 1.11;

Watch the financials/brokers- unless some jig higher there the markets will probably continue to head lower. As I type each and every big bank/broker is red with the sole exception of WB.

Tech not so bad led by SMH AAPL BIDU GOOG IBM RIMM- all green.

Trying a little NOV long near the $70 level for a quick flip as the group seems to be at/near over sold territory. OIH RSI (2) levels at 6.