THE OPEN

Markets open lower but are well off the lows as the first dip appears to get bought.

Strong sectors- drugs, energy, biotech and brokers while ags, emerging markets and metals lag.

NYSE- 850 net losers;

NAZ- 575 net losers;

NDX- 35 GREEN;

OEX- 40 GREEN;

VIX- up 8% at 73.25;

Up volume about 2/3 of down;

Markets feel like they now want to move up on the bad news of the day - housing starts and consumer confidence- although still expecting wide volatility - but now feel like in the short term it should be bought- and keep a watch on the NAZ and GOOG for leadership.