THE OPEN

More of the same as the markets sink lower and SPX 780 (October 2002 lows) here we are-

Strongest sectors - they are all awful - internets, semis and telecom.

NYSE- 2466 net losers;

NAZ- 1540 net losers;

NDX- 20 GREEN;

OEX - 10 GREEN;

VIX- up about 6% and near 80;

Gold continues to hold steady near $735;

Crude- near 51;

Banking index down 5.5%, C down 16% GS down 11% and GE no longer a teenager and at $12.89-

Feels like shorting here is NOT the right strategy depsite its continuing success (shorting pull ups)- so I am expecting a bunce and that bounce may not get sold so fast as I suspect this big dip has happend too fast- not buying but standing aside.

More Sunshine from Roubini;

And investing in Cramerica.