THE OPEN

Markets start the day lower but are well off their worst levels as the SPX is -10 and the NAZ -28.

Strongest sectors- gaming, drugs and utils while metals, banks, semis and brokers lag.

NYSE- 1440 net losers;

NAZ- 1170 net losers;

NDX- 15 GREEN;

OEX- 18 GREEN;

DJIA - 5 GREEN led by GM MRK PFE JNJ KO- laggards AXP AA CAT BAC JPM;

VIX - up almost 7% at 42.35;

TRIN- .91 with down volume about 3x the up;

Initial dip was bought but heading lower again - gold getting crushed down a t$870- looking for more choppy action but just wondering if the lousy news that will likely come later in the week will now get sold -