Morning Look

The market is down slightly in early trading. Housing prices for July showed a -0.5% month-over-month drop, even though most participants probably knew this since we are already in September.

Adobe (ADBE) issued mixed guidance last night on its earnings call, which is whacking the stock today. And despite raising its dividend 23%, shares of MSFT are also -2.5% lower. Apple (AAPL) and RIMM are bucking the overall weakness so far.

The dollar is lower following yesterday's Fed meeting, while the euro is surging again. The weak dollar is helping commodities, with oil higher to $75.75 and gold up again near $1294.

Asia was mixed overnight, and China's market is closed for the rest of the week. The 10-year yield is lower to 2.54%; and the VIX is up slightly to 22.70.

Options players came out of the gate very bullish this morning, with the ISEE call/put ratio elevated at 239. This does not bode that well for today's action, but it's still early.

Trading comment: Nothing new since yesterday. Still waiting for a bit more of a pullback before putting money to work. My first target zone is for the S&P to pull back to 1131 or so, the level from which is recently broke out.

long AAPL, RIMM