OPENING SCARE

Longs and shorts a little nervous this morning as the markets sell off a bit on the heels of the over bought conditions. SPX -7, NAZ -2.5 and DOPEY DJIA -88 as I type.

Strong sectors- tech, semis, biotech and telecom while real estate, metals and trannies lag.

NYSE- 940 net losers;

NAZ- 130 net losers;

NDX- 35 GREEN;

OEX- 25 GREEN;

VIX- higher by a hair at 41.6;

Up volume a hair less than down volume and the TRIN - .57;

Gold down 10 at $905 and Crude down about 2% at 48.35;

NAZ definitely faring the best with tech, biotech and semis leading while energy and real estate bringing up the rear with the DJIA - I am initially watching the Pivot Point area on the SPX at around the 769 area- I suspect if we fall under there the sellers may press the down side.