THE OPEN

Markets open lower on the heels of over bought conditions as the DJIA is -90, NAZ 24 and SPX 10.

Strong sectors include oils, gaming, utils, ags and shipping while metals, telecom, internets and drugs lag.

NYSE- 500 net losers;

NAZ- 780 net losers;

NDX- 18 GREEN;

OEX- 30 GREEN;

VIX- slightly higher but still under 40;

Down volume about 1.5X the up;

Crude higher by 3% while gold is off almost $25 as the dollar has soared v the EURO;

Looks like the dippers are trying to buy as the market is recovering while I type. My take is to wait as my suspicion is lower - we are very over bought and there are probably lots of sellers still looking to book profits after the recent run up.