THE PULLBACKS

Markets open lower but are well off their worst levels as the SPX is -3 and the NAZ -4.

Strong sectors- biotech, drugs, utils, metals and semis while steel, ags, energy and trannies lag.

NYSE- 1,000 net losers;

NAZ- 690 net losers;

NDX- 30 GREEN;

OEX- 40 GREEN;

VIX- up about 5% at 38.6;

TRIN- .89 with down volume about double the up;

Gold down $4 and crude down about $2.5;

Looking for markets to gather strength as buy the down openings are the general for bull markets- and until proven different - this is now a bull market on the shorter time frames.

Bought DIG and QLD this morning and will hopefully dole them out into strength as the day numbers move up.