THE OPEN

Equity markets are trading higher but well off the best levels as the big pop indicated by the futures was quickly sold.

SPX +4, NAZ +6 and DJIA +20.

Strongest sectors- metals, gaming, energy, commodities, emerging markets and real estate while retail, biotech, drugs, trannies and small caps lag.

NYSE- 900 net winners;

NAZ- 250 net winners;

NDX- 65 GREEN;

SPX 310 GREEN;

VIX- up 3% and trading near the SMA 10.

TRIN- .61 with up volume about 3x the down.

The dollar getting hammered and down about .8% at 77.55 and the EURO up 1% v the dollar at 1.4463.

RSI 2 levels at 85 on the SPX and about 90 on the NAZ/NDX.

The markets over bought here in the short term but I suspect they continue to buy them later on in the day and the rest of the week as it seems like folks just want to own stocks.