THE OPEN

Markets are up as the over sold rally continues led by metals, semis and ags. The DJIA +95, NAZ +18 and SPX +11.

Weak sectors include junk, oils, financials, shipping and biotech.

NYSE- 1675 net winners;

NAZ- 735 net winners;

NDX -70 GREEN;

OEX- 80 GREEN;

VIX- down 9% at/near 46.3;

Up volume about 4X the down;

Not ready to add to positions this morning as this looks to be setting up as a nice fade- and the banks index - trading red again -led down by WFC BAC and JPM.

Ben Lichtenstein of tradersaudio.com with a pretty shocking forecast on Squawk this AM- he is looking for DJIA 12K sometime in March- I suspect we get a nice violent rally - but that seems a bit much IMVHO.