BUBBLEHEADS

Markets have opened lower on the heels of the LEH bankruptcy and MER buy out by BAC. As I type, the DJIA -280, SPX -27 and NAZ-35.

Sector strength found at utils, homies, defense and trannies while steel, emerging markets, oils, ags and shipping are the worst.

NYSE- 2325 net losers;

NAZ- 1500 net losers;

NDX-15 GREEN;

OEX- 10 GREEN;

VIX- higher by 12% at/ near 29;

Down volume about 8X the down;

Not real excited to buy stocks yet as I suspect the day will have lots of starts and stops and trying to game it will be difficult at the least.

Cramer was initially excited that the DJIA was only down 90 not realizing that most DJIA stocks had not opened and the futures were down over 300- the complete guru;

The TRIN at .6 was also excited the bubble folks but now it is back near the 1.00 level- so don't get too excited yet-