THE OPEN

An ugly day in the markets if you are net long with the SPX -17, NAZ 36 and DJIA 157;

Strongest sectors- telecom, banks, semis and drugs while trannies, emerging markets, real estate and ags lag.

NYSE- 2200 net losers;

NAZ- 1550 net losers;

NDX- 4 GREEN;

SPX- 17 GREEN;

VIX- higher by 5.5% at 29.7;

Gold down $3 and crude down $1.2- natty gas the bullish story as it is higher by about 5%.

RSI (2) levels near 10 on most major indexes with NDX the worst at/near 4;

Doesn't look like we get much of a bounce today as the internals are just horrible and bounces are being sold quickly-

Tomorrow probably a different story as it is Turnaround Tuesday- and with the anticipated over sold conditions - probably time for a bounce - so day trades on bounces to the short side and near the close I will buy some for a bounce tomorrow.