US markets opening with steady gains so....>

EQUITIES: US markets opening with steady gains so far, inline with the bounce

seen across Europe. The S&P500 opens higher by around 2.5%, with the DJIA

slightly outperforming and up just over 3%.

- Cyclicals are the strongest, with energy, materials, industrials and

financials up the most on the day, albeit still lower than yesterday's open.

Defensives are all higher also, but with more modest gains as consumer staples,

utilities and healthcare are at the bottom of the table.

- Those hit hardest yesterday are bouncing, with the best performing stocks in

the S&P500 those travel names: American Airlines, Carnival Corp, Boeing and a

few others.

- As stocks bounce, the VIX is lower today, off just shy of 5 points but still

well above the May - June average.

- Yesterday demonstrated that the 200-dma in the e-mini S&P at 3012.08 is key

going forward and while today's rally is helpful, markets need to take out

3113.63 before focus can be turned to new recovery highs.