THE OPEN

Here we go again- markets tanking on the heels of weakness in the banks/financials and strength in the commodity patch as oil trades at $142+ and gold at $931.

Tough for the markets to rally with oil moving higher no matter how oversold the markets may be. And they are very over sold.

NYSE- 300 net losers;

NAZ - 200 net losers;

NDX- 25 GREEN;

OEX- 45 GREEN;

IBD- 75 GREEN;

VIX- higher by 3% at 24;

TRIN-1.00- Down volume about 150% up volume;

BKX down 2.5% 30 minutes into the session;

Its ugly and the morning lift lasted about 5 minutes before it all turned red- maybe a rally later in the day as the bulls try something before quarter end.