THE OPEN

Here we go again- markets are lower led down by the financials with the BKX down 3.7%, XLF down 2.3% and LEH down over 3% - hard for the markets to go higher without the banks and the NAZ/NDX also getting whacked - each are down almost 1%.

Strongest sectors include drugs, oil service and metals while homies, semis, telecom and retail are getting whacked in addition to the aforementioned financials.

Market internals ugly with over 1400 net losers on the NYSE and about 1,000 net red on the NAZ-

OEX - 20 GREEN;

NDX-4 GREEN;

IBD- 40 GREEN;

The big winners on the DJIA - PFE MRK WMT while GM BAC AXP are the big losers and check the GM price.

VIX- higher by 4% at about 22;

TRIN- 1.36 with down volume about 4x the ups;

GOLD- $889;

CRUDE- $134;

RBS with some of the blame for the morning sell off as they said this;

And BESPOKE with their look a the stretch;

So where could we find a short term bottom- maybe the 1325 area which is the 38% FIB retracement level for the SPX- 1440 high on May 19 and 1257 low on March 17.