The market is pulling back this morning on the heels of some negative headlines in the financial sector. The brokers are down the most so far, with that index -3.38%, followed by the bank index. Semis are bucking the weakness so far, and helping keep the Nasdaq 100 in positive territory so far.

In the financial sector, UBS reported disappointing earnings. Also, JPMorgan disclosed in a filing that trading conditions have deteriorated compared to last quarter (gee, thanks). And Morgan Stanley (MS) was downgraded one notch by Moody's. Last, Goldman Sachs (GS) had its earnings cut by Meredith Whitney at Oppenheimer.

Oil is slighly higher after BP said it shutdown a pipeline in the Georgian Black Sea due to safety concerns. But oil's bounce looks feeble compared to the way it would have bounced a couple of months ago. Regardless, the oversold energy complex is bouncing today.

Asian markets were lower overnight; the 10-year yield is lower at 3.93%; and the put/call ratio opened at a very high level of 1.06.

long QLD