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The market is mixed in early trading. After touching the $50 level, oil is getting a small bounce, as are the energy stocks. Tech is mixed, though IBM is weighing on the averages.

The Michigan Sentiment poll was strong, coming in at 98 vs. 92.4 consensus. Also, the AMG fund flow data today showed that more funds flowed into domestic funds than international funds for the first time in a while.

The 10-year yield is slightly higher at 4.77%, and the dollar is bouncing slightly also.

Today is options expiration, but I think we likely have already seen most of the fireworks for the week. After a very strong start to the year, the Nasdaq pulled back significantly this week. Tech will likely continue to be a mixed bag during earnings season, but hopefully these negative overreactions will subside.

In other news and notes:

• Asian markets mixed overnight
• CWTR lowers guidance; stock crushed
• IBM reports in-line quarter; stock still falls
• XLNX lowers guidance; stock higher
• SLB beats earnings; stock up
• GE reports in-line earnings; stock lower
• Bear ups GE tgt. to $44
• JDSU raises guidance; stock ramps
• BB&T starts NTRI with Buy ($84 tgt)
• New China land tax could hurt LVS, WYNN

long GE, JDSU

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