THE OPEN

Markets are trading higher by I am a bit skeptical of this rally and have bought some TWM expecting this to fade before too long.

Why the fade- well on the bottom of the strength list are brokers, banks, gaming, biotech and semis- so with them lagging - its gonna be tough.

NYSE- 400 net winners;

NAZ- 550 net winners;

NDX- 63 GREEN;

OEX- 45 GREEN;

VIX- down 2% at 23;

Down volume slightly ahead of up;

All the big banks and brokers with the exception of LM have flipped to red so just a heads up that this market could turn lower in a hurry.

Next area of support is the 50% retracement area at 1245- 1290 recent high and 1200 low tick from the big selloff last week.