Opening Look: Oil Up, Financials Weak

Boy, does this market feel heavy lately. This morning, oil is up again, above $137 and financials are weak. The April Case-Shiller Home Price Indexs fell -15.3% yr/yr, continuing the elusive bottom in the housing sector.

Last night, UPS lowered its earnings guidance due to rising fuel costs and a sluggish economy. This is not surprising, since FedEx told us the same thing last week. But the stock is down a lot nonetheless.

Also, June consumer confidence declined -13% to its lowest level (50.4) since 1992. Given the high gas prices and negative headlines, this is not surprising. If you go back and look at all of the past market bottoms, the news was always decidedly negative.

Asian markets were mostly lower overnight; the dollar is weaker this morning; the 10-year yield is lower at 4.11%. The put/call ratio is high at 1.11.

Is it too much of a longshot to look for a 'Turnaround Tuesday'?