THE OPEN

Markets are way down this morning led lower by materials, energy and ags- SPX -12, NAZ 29 and the DJIA 122.

Strongest sectors include banks, bonds, fins, homies and retail while energy, ags, metals and small caps lag.

NYSE-1800 net losers;

NAZ- 1200 net losers;

SPX - 50 GREEN;

NDX- 10 GREEN;

VIX- 31.25 and higher by 5.5%;

Gold down about $10 at $947;

Crude flattish while nat gas is down about 3%;

Silver- not so bright as it slips about $.45 cents at $14.8;

Equities trading at their lows of the day with some support at last months high now taken out- next levels I am looking at is the 920 area on the SPX- daily/weekly pivot support.

In the meantime will buy some SDS/QID- and hopefully get those support levels hit.