5.09.2008

OPENING CHECK


A bizarre opening to the markets as the DJIA trades down 100, NAZ -11 and SPX -10- the weird part, financials are trading green along with retail, homies and small caps while oils, and tech lag despite crude at $125 /new all time highs. Maybe the markets know that oil has peaked this AM - but I doubt the market is that clever.


Key stocks- 5/40 higher led up by NVDA RIMM MER AMGN BG- worst performers include BIDU MON V LVS CELG ICE XOM and WYNN.


NYSE- 800 net losers;

NAZ- 670 net losers;

NDX- 30 GREEN;

OEX-15 GREEN;

IBD-13 GREEN;


VIX- up a big 2% at/near 19.8;


Down volume almost 3X the up;


GOLD- 875;


CRUDE- 125;


EURO- 1.543;


Keeping a close eye on the financials and AIG/C as they will probably dictate the action today- big area of support on the SPX at/near 1380- keep the belt fastened it should be a pretty wild ride.

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