THE OPEN

Markets open lower on the heels of some ugly guidance from CSCO and a bunch of others. Note however, the NQ futures, which were down big after the close yesterday and this morning are now the best performer.

The long QLD/DXD trade looking pretty good as every DJIA stock except WMT is lower - biggest losers include BAC C JPM AXP GE DIS HPQ BA GM AA.

GE is going to get a long look as it now trades with a $10 handle - and if it gets into single digits- we can expect a lot of chatter about their leadership and prospects.

NYSE- 1300 net losers;

NAZ- 470 net losers

NDX - 40 GREEN;

OEX- 15 GREEN;

VIX- higher by 5% at/near 46;

Gold - higher by $15 at $922;

Looking for a bounce later in the day led by the NAZ/NDX as folks still are looking for tech to lead out of this "downturn." Looks like they also expect financials like C BAC WFC to come out looking far different than they look now.