OPENING CRUSH

Looks like all the bad news in financial stocks isn't quite priced in just yet. They are again straight down led by C WB BAC JPM GS LEH LM MS RJF and all the exchanges- and the RUT/NDX green or flattish while the DJIA/SPX way down.

NYSE- 670 net losers;

NAZ- flat internals;

NDX- 40 GREEN;

OEX- 33 GREEN;

IBD- 40 GREEN

DJIA 7 GREEN led by MRK HPQ IBM MSFT XOM AA 23 down- with the worst being BAC CAT AIG AXP HD C DD JPM;

VIX- higher by 2.7% at/near 21.75;

Down volume 2.5X the up;

Crude about $.50 higher but that will surely change at 10:35 EST- as the inventory numbers appear- Natty gas - crushed again by 2.4%;

Gold higher by $10 to $825;

This early day sell off may get bought before the day is over but I doubt we get back to break even-downside targets on the SPX - probably in the 1250/1260 area and after that - hopefully no lower than 1200- but that is a ways off.

Note the Quant on the SOX;