OPENING GAP

Markets are getting a reprieve as oil and other commodities are getting crushed - also check the brokers and the exchanges- GREEN- IAI LM MS RJF CME ICE NDAQ NYX JPM USB GS (flattish);

Trannies, biotech, utils, defense and retailers green while semis, energy, steel, tech, ags and emerging markets red;

NYSE- 500 net losers;

NAZ- flat internals;

OEX- 60 GREEN;

NDX- 50 GREEN;

DJIA 16 GREEN;

VIX- up 2% at 23.5;

Down volume 2X the down;

Crude causing the markets to shake off the bad news from WB AAPL SNDK AXP etc but if that worm turns and commodities reverse- it could get ugly for equities. SPX 1230 probably a good target on the low side while recent highs near 1260 may be the cap.