THE OPEN

Markets trading up but I doubt most traders have great confidence that we will be significantly higher any time soon.

Strong sectors- steel, shipping, oils, emerging markets and metals while gaming, telecom, banks and brokers lag.

NYSE- 575 net winners;

NAZ- 450 net winners;

NDX- 60 GREEN;

OEX- 60 GREEN;

VIX- down about 2% and about 12% above the SMA 10;

Up volume about 2X the down;

SPX trading at/near 1230 and about 30 points above the recent lows- will they hold- I doubt it as sometime over the next few weeks I suspect they go lower on the next bit of bad news- which probably comes shortly from MER MS GS.