THE OPEN

Markets open lower as housing numbers come in poorly and MSFT spits the bit- AAPL beats and the stock is higher by 7% as I type.

SPX -17, DJIA -150 and NAZ 41.

Strongest sectors include metals, utils, bonds, drugs and ags while financials, internets, shipping and gaming lag.

NYSE- 1800 net losers;

NAZ- 1300 net losers;

NDX- 5 GREEN;

OEX 15 GREEN;

VIX- higher by 7.5% at 50;

Down volume about 5X the up;

Gold up a bit - Crude down $2;

Not looking to buy this dip as I suspect we may be back at the "markets close at/near the lows on weak days" scenario. And Erin talking about pent up demand for housing- someone should mention to her how many homes may come on the markets once prices stabilize!!!!