This morning a number of economic numbers are out; unemployment is worse than expected and producer prices index rose faster than expected in April, which shows inflation getting worse. These numbers show that the economy is still waining and we need more time to come out of this recession. Earnings are also in the headlines today with Walmart posting profits in line. Last week T3 traders recommended to sell all macro long positions, and we now sit 400 points lower. The charts look broken on many leading stocks, and today, traders are using yesterday's low as the pivot point. There could potentially be a lot of RedDog 80-20s where stocks break through the lows, reverse and go higher, trapping the shorts. Be careful shorting the lows, although you may be able to get a quick trade in the morning. The next level of support in the S&Ps is the 875-870 area, but the market should head lower over the next few weeks. Casino and coal stocks are our main focus today, but financial and agricultural stocks remain the most active. Yesterday's winners: PRU, SPY, BBT, SKF,MGM

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