THE OPEN

Markets are trading way higher on the heels of another move down in commodity prices. The DJIA +160, NAZ +31 and SPX +16-

Strong sectors include gaming, retail, trannies, homies and banks while metals, ags and oil service lag.

NYSE- 1400 net winners;

NAZ- 1,000 net winners;

VIX- down 4% at 22.5;

Up volume 4X the down;

Nice to see a big up day - note however the largest gainers seem to be the most heavily shorted including AIG GM BAC C MGM WYNN LVS- etc.

Look for resistance at /near the 1290 area on the SPX still far away -