Early Look: More Tightening In China

The market is doing its thing again, hanging around near the flat line. Apple (AAPL) is holding back the Nasdaq as rumors swirl about the health of Steve Jobs after no photos were released from last night's dinner with Obama.

There was another batch of stocks that gapped nicely higher after reporting earnings, including ARUN, BRCD, VMI, and SPWRA.

Asian markets were mixed overnight, with China pulling back after they hiked their reserve requirement ratio another 50 basis points. China's market has been up for four straight weeks, but the continued monetary tightening has many participants worried about cooling growth.

The dollar is lower and commodities are mostly higher. Cotton prices were limit down this morning after reaching all-time highs yesterday. But oil and gold are both higher, to $87.28 and $1385, respectively.

The 10-year yield is bouncing to 3.63%; and the VIX is down 1.8% so far to 16.30.