THE OPEN

I guess the market is telling us right out of the shoot that no one has any confidence in Washingoton as FRE/FNM start the day +30% and twenty minutes after trading begins they flip to flat- financials all around see big short covering at the open and that is it as they all sink back to the unchanged level- and check the action in SKF- almost a 20 point move off the bottom in less than half an hour.

Strong sectors- oil service, metals, homies, steel, drugs and telecom while banks, internets, brokers, gaming and real estate lags.

NYSE- flat internals;

NAZ- 280 net losers;

NDX- 40 GREEN;

OEX- 55 GREEN;

IBD- 75 GREEN;

VIX- flat at 27.5;

TRIN- .88 with equal up and down volume;

CRUDE- $146;

GOLD- creeping up and now $970;

EURO -159;

Markets not giving lots of confidence as most traders seem to be giggling at Paulson, Bush and Bernanke-

Haven't taken any trades yet but the RUT looks pretty weak and a TWM long may work for the day -