THE OPEN

Markets move rapidly through the support at the 1265 level on the SPX and the next area to look for should be 1255- the 50% retracement between 1200 and 1313.

Strongest sectors- (relative) - airlines, utils, reits and trannies while steel, ags, homies, brokers and gaming lags.

NYSE- 1850 net losers;

NAZ- 1365 net losers;

NDX- 8 GREEN;

OEX- 8 GREEN;

IBD- 10 GREEN;

VIX- higher by 5% at/near 22.55;

Down volume 7X the upside;

Looks like an ugly world wide recession is back on the front burner and this market is crushing all financials assets- Homies and financial out performance not happening today and this may be another time where the markets close at/near the lows of the day - so getting ready to short the pullups.