THE OPEN

Markets recovering off the lows as the gap fills on the NDX and the NQ futs- presently SPX -7 and NAZ -2.

Strong sectors-semis, gold, telecom, gaming, internets and tech while banks, ags, brokers and shipping lags.

NYSE- 1800 net losers;

NAZ- 720 net losers;

NDX- 50 GREEN;

OEX- 10 GREEN;

VIX- flat at 47.3;

TRIN- 1.16- down volume 5x the up;

Gold UP $16 at $992;

Markets diverging and the long NAZ short DJIA back in play as tech and semis start to lead. Not expecting a great rally today as its Friday and typically not a day when folks load the boat with longs. So probably some chop but probably play it from the long side with QLD and the short side with the financials or DXD.