LOWER OPEN

Markets flipped to red at the open led down by the financials as my screens show them all to be lower led down by FNM/FRE which are both down over 10% - and of course no mention of that on CNBC.





Speculators are buying metals, ags and oils and selling financials homies, brokers, gaming and real estate.





NYSE- 425 net losers;


NAZ- 420 net losers;


NDX- 30 GREEN;


OEX- 33 GREEN;





DJIA- 9 GREEN led by XOM CVX CAT AA BA MSFT MRK MMM with GM AIG BAC HPQ HD C AXP JPM all lower;





Winners- include -FMCN CDNS HANS JOYG STLD FWLT BRCM ATI AES COP AVP XOM SLB AEP CVX;





LOSERS- RF LEH WB MER S BK CBS HIG BAC USB SNDK UAUA SIRI VMED SYMC IACI DISCA LBTYA WFMI YHOO DISH;

VIX moving up by 5% at/near the 20.6 level;

Down volume 1.5X the down;

The SPX was again rejected at 1300 and that continues to be a tough area for the markets to get through-on the b0ttom - still looking for 1255 area as that is the 50% retrace from the 1200/1313 recent rangs. Toddo at Schaeffers also with some work on SPX 1300 and worth a read.