Asian Markets Weigh On US Trading

Asian markets plunged overnight, led by a -5.0% drop in Hong Kong on disappointment over a possible delay in a plan to let mainland Chinese invest in the city's stock market. China was down -2.5%. And the Yen is higher this morning, which is public enemy #1 in my book.

Citigroup (C) got rid of CEO Prince, and said that it could have up to $11B in additional write-downs. But even the news of Prince's exit couldn't lift the stock, which is down -4% and weighing on the overall financial sector.

Oil is down again this morning, with crude near $94. This is causing a drag on the energy complex. I may look to add more exposure to the oil service names.

Bond yields are up a touch, with the 10-year yield bouncing off its multi-year low and hovering near 4.33%.

The writer strike here in LA is garnering a lot of attention, and has the potential to put a little sting in our local economy. Stay tuned.

I think the selling pressure this morning looks a bit overdone, and expect the market to bounce back into the close.