THE OPEN

Markets open higher but have already lost over half two thirds of the gains as the sellers finally decide to fade the gap.

Strong sectors- oils, shipping, internets, gaming and brokers while telecom, drugs and biotech lags.

NYSE- 1400 net green;

NAZ- 1150 net green;

NDX- 70 GREEN;

OEX- 70 GREEN;

VIX- flattish near 38.5;

Up volume more than 2X the down;

Turn around Tuesday looks to be looking up to the name as the markets trade straight down from the opening push higher- the DJIA has lost about 100 from the highs while the NAZ holds in a bit better. Over bought conditions prevail with the RSI (2) on the SPX still trading near 90 while the RUT is up at 95.

Looking for market internals to roll over before I get aggressive on the short side- but selling longs probably continues to be a good play.