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The market is again under pressure in early trading. Yesterday's selloff was nasty, and pushed the COMP back below its 50-day average. Lower volume for the day avoided another day of distribution, but if the Nazz can't recapture this key moving average, it could mean a longer correction.

One of the culprits of yesterday's selloff was rising bond yields. And the 10-year yield is up again this morning, to 4.89%. This is now above the highs from last September and October. It would seem that the next stopping point is the psychological 5.0% level, though I'm sure there will be bumps and detours along the way.

Earnings reports from Microsoft (MSFT) and MEMC Electronics (WFR) were good and their stocks are trading higher.

Oil is trading higher this morning ($55), which is helping the energy stocks. And the semis are up in a down market, which could be a good indicator.

In other news and notes:

• Asian stocks drop overnight
• Durable goods +3.1% vs. +3.5% consensus
• New Home Sales 1120k vs. 1050k consensus
• TM is Cramer's top international stock
• Citi downgrades CSCO to Hold
• HAL beats by 4 cents, revs also higher
• FBR cuts target on SU to $85
• Goldman resumes T with Buy
• Raymond James starts NIHD with Strong Buy ($85 tgt)
• Merriman bullish on ELOS ahead of qtr.
• Piper raises WFR target to $61 from $46

long ELOS, GS, MSFT

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