THE OPEN

Markets open slightly higher with the DJIA +20, NAZ +1 and SPX -3.5.

Strongest sectors include shipping, solar, steel, ags, emerging markets and oils while gaming, reits, homies and banks lag.

NYSE- 250 net winners;

NAZ- 340 net losers;

NDX -35 GREEN;

OEX-65 GREEN;

IBD- 75 GREEN;

VIX- 20.28 and down 3%;

TRIN- .77 with up volume about 50% more than down;

Markets seem to have a short term top near the 1370 level on the SPX with 1385 above that- the bad news this morning- the banks and brokers have all gone from solidly green to red with GS holding on to a 50 cent gain after wonderful earnings news. Keep in mind GS has ripped from the low 160's of late to the mid 185's - a little bit of good news baked in the cake.

And check out Trader Mike's take on the charts-

VIX + MORE on defaults;

The Quant on steam;