THE OPEN

Markets opened opened lower but are well off their worst levels as traders decided to buy the big gap down.

Strong sectors- metals, semis and oils while defense, shipping, banks and retail lag.

NYSE- 1450 net losers;

NAZ- 850 net losers;

NDX- 25 GREEN;

OEX- 18 GREEN;

VIX- higher by 5% at 49.65;

Down volume 3X the up;

Gold getting some upside jig at about $880 - and its happening despite the higher dollar- times seem to be changing;

FWIW - seems like everytime the markets look like they will cascade to the old lows - in come the buyers - happened yesterday and again this morning- eventually we probably get there but for now it looks like buy the dip - and small caps seem to be making the best move UWM.