THE OPEN

Another awful day in the markets as the DJIA starts -150, NAZ -38 and SPX 21.

Strongest sectors- metals, telecom, utils and drugs while banks, gaming, shipping and real estate lag.

NYSE- 2000 net losers;

NAZ- 1400 net losers;

NDX- 8 GREEN;

OEX- 12 GREEN;

VIX- higher by 13% at/near 52.25;

Gold trading near $850;

$$$$ moving up while the EURO dips under 130;

The financials are getting torched after the ugly European news yesterday- JPM -13%; BAC -16%; WFC -15%; GS -9% C -12% and GE down 6%;

Other stocks trading ugly include - BK RF MS USB S AXP MICC LOGI FLEX FWLT VMED SHLD EXPE WYNN;

Markets still way over sold with RSI (2) levels near 10 on the SPX- VIX about 15% above the SMA 10- I guess happiest guy around is George W. Bush- market can no longer go down on his watch.