THE OPEN

Markets open on the ugly side with the DJIA -95, NAZ -20 and the SPX -10.5.

The strongest sectors include solar, metals and semis while banks, real estate, brokers, shipping and gaming lag.

Key stocks- 6/40 higher with POT MON BG NVDA INTC CELG KLAC green and DECK CME TIF UA C BAC NYX ICE red.

NYSE- 1250 net losers;

NAZ- 1125 net losers;

NDX- 15 GREEN;

OEX- 8 GREEN;

IBD- 35 GREEN;

VIX- started the day in the middle of its 10 day range and up a whopping 11% in the first hour to 19.8;

TRIN- 1.08 - Down volume about 3X the up;

So with oil down $1.5 - no follow through in equities as the financials put out more ugly news. My positions for now LONG SKF QID - and looking to cover at SPX near 1380 - which will approximate the 50 SMA - which has acted as support before.