THE OPEN

Markets are higher as crude is down over $3 to $129.5 and gold down $21 to $905.

The DJIA +70, NAZ +26 and the SPX +7.5 while the RUT is +1.35% and the MID +.75%.

Strongest sectors include retail, real estate, trannies, gaming, semis and homies while metals, ags, oils, steel and emerging markets lag.

Key stocks generally higher led by DECK TIF KLAC AMZN BIDU WYNN MER C and GOOG while POT MON BG ICE RIMM XOM PM and GS are lower.

NYSE- 1,000 net winners;

NAZ- 1,100 net winners;

NDX- 85 GREEN;

OEX-80 GREEN;

IBD- 40 GREEN;

VIX- higher by 2% after the 3 day weekend;

Up volume about 2X the down;

TRIN- 1.16;

Despite the trashing of crude I note the OIH has turned green as I type so maybe those oil service stocks are cheap.

Note the QQQQ held the 200 DMA near the $48 level which was also the 50% retracement area. Interesting action the past few days as it always kept it in the rear view on a close basis.

SPX not so lucky although it has held the 50 DMA.

I suspect today's rally gets sold especially if crude gets its jig back and would anyone be surprised if the dippers came in for the sub $130 oil?