Scattered Open

Along one of the themes I've mentioned since QE3, but really pointed out as being a strong possibility yesterday was this market turns in to a Stock picker's or even more accurately an Asset Picker's market.

While 40 minutes is not reasonable evidence to base any such claim on, especially on a day in which we have quadruple witching, Window Dressing, Hedge Fund redemptions coming and the rebalancing of the S&P along with every derivative product, there is something clearly unique about this morning's open.

The S&P is in the red, the Dow is barely in the green and the Russell 2k is up +.90%. At the same time, every risk asset we track from currencies (Euro and Australian Dollar) to Yields, to Credit (3 different forms of risk on credit) are all on the run except, Commodities which are performing with the R2k.

So an interesting start to the morning indeed.

USO short term strength was seen yesterday causing me to close the USO long, today it has gapped up +.55%, Gold has gapped up along the lines of the R2K, as have a number of non-precious metals, which make me wonder if yesterday's decent Philly F_E_D has a positive outlook on manufacturing this morning, however transports have not participated and I'd think they would especially after yesterday's performance.

I think I know what is going on with Greek yields as they sky-rocket, but I want to quickly double check the facts.

Opening indications up next.