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The market is under a bit of selling pressure in the first hour of trading. Lately, we have seen weakness show up in the early part of the trading session, and strength emerge as the session closes. This is a signature of strength and an underlying bullish tone.

Oil and gold are both trading lower this morning, although energy stocks are up. Bond yields are bouncing higher, with the 10-year yield at 4.73%.

Financial stocks and retailers are strong this morning (and homebuilders), while healthcare and semis are lagging.

In other news and notes:

• GOOG confirms its $1.65 billion purchase of YouTube; stock moves higher on positive analyst comments and price target raises
• CVS raises Q3 and FY06 guidance; stock barely higher
• Maxim starts GLW with a Buy and $30 target
• VECO warns due to delayed shipments
• ELOS gets FDA ok on dental laser
• Kaufman raises NTRI target to $100
• ROG raises Q3 guidance; stock gaps higher
• CHTT beats Q3 EPS; stock nicely higher
• CIBC anticipates soft YHOO quarter, guidance
• PSYS down on acquisition
• How did The Bachelor keep that girl from Houston?

long GOOG

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