Market Dips After Retail Sales Reports

The market opened under selling pressure this morning, but you know how I feel about weak opens.

The monthly retail sales figures came out this morning, and were pretty much a mixed bag. That said, most of the stocks are actually trading higher. I will have a more detailed roundup later.

Another concern on the minds of investors today is the big warning out of HSBC regarding their subprime lending division. I don't think it will hurt the earnings of most financials too much, just those that may have been over-aggressive in their lending activities.

Oil is a bit higher this morning, but still below $58. And the 10-year yield is steady at 4.74%. So those should not be a big headwind for the market at current levels.

Most sectors are trading lower this morning, save for the retail and biotech indexes. Homebuilders are down pretty big, followed by brokers.

In other news and notes:

• Europe lower overnight after ECB rate comments
• Asian markets mixed overnight
• Intermec to postpone Q4 earnings release
• JNJ psoriasis drug posts mixed results in trial
• Tempur-Pedic profiled in New America section of IBD
• Thermo Fischer beats by $0.04; reaffirms
• Aetna reports in line, guides Q1 EPS in line, ups Y07 guidance
• Warner Music Group beats by $0.12, light on revs
• BG beats by $0.08, beats on revs, guides Y07 above consensus
• Florida insurance law fuels growing debate - WSJ
• Bank Of England leaves bank rate unchanged at 5.25%
• IntercontinentalExchange target raised to $176 at BofA
• ESRX raises repurchase authorization to $1 bln
• NEW REIT downgraded to Sell from neutral at Merrill

long JNJ