Market Dips On Weak Durable Goods Report

The market has opened under some selling pressure after an economic report on durable goods came in weaker than expected. But this series of data is very volatile, so I wouldn't call it a trend yet.

At least we don't have another strong open, that fades by the end of the day. Maybe we can reverse the pattern today. I would love to see this weak open turn midday, and rally into the close on strong volume. That could excite buyers, and help build some quarter-end momentum that has been missing this week.

The 10-year yield gapped lower this morning, and is down near 5.05%, the fourth session of lower bond yields. Oil is also trading lower again, with crude near $67.50. The energy complex is very weak, with refiners leading the declines on an analyst downgrade.

Asia was down across the board last night, save China which bounced. The Yen had a big spike yesterday, exacerbating carry trade fears, but I suspect it is just some quarter-end squaring of positions.

Oracle (ORCL) beat expectations last night, and that is helping the NDX outperform this morning.

Engine room....more steam!