THE OPEN

Markets open down with the financial sector leading the way as usual. The DJIA -100, NAZ 12 and SPX 12.

Strongest sectors- retail, semis, biotech and gold while banks, telecom, shipping and real estate lag.

NYSE- 1600 net losers;

NAZ- 630 net losers;

NDX- 30 GREEN;

OEX- 15 GREEN;

VIX- higher by 5.5% at near 52;

Down volume about 8x the up;

Big losers- BAC C RF WFC MA GS XRX USB VZ AAPL LEAP ADSK YHOO WYNN STLD LAMR GOOG;

More big losers for the first 15 days of 2009:

GS -16%;

IYR -18%;

HUI -18%;

BAC -40%;

C -40%;

GE -16%;

Hard to believe that after such a disaster in 08 - the big banks are doing even worse for the first 15 days of 09-

No turn around yet in the equity indexes as they just go lower and lower - soon we get a violent rally - just don't know from where.