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The market is getting whacked at the open. The two main culprits this morning were a mini crisis in the Thai baht, and a bigger than expected jump in the producer price index.

The core PPI rose +1.8% (vs. +0.9% consensus). Some of this was likely due to a bounceback after last month's record drop in the PPI. Regardless, the inflation aspect is not worrying the bond market too much, as the 10-year yield is down slightly to 4.58%.

A former colleague of mine used to be fond of saying that fast moves come from false breakouts. This is what we could be seeing with the Nasdaq. After making a false breakout, the NDX has had a quick 2% drop.

You know that I prefer a market that opens weak. It is possible that this could be setting us up for a turnaround Tuesday. But its still early, so this could be wishful thinking. I do like it that GOOG is up so far today though. Ditto AKAM and SNDK.

After the Thai govt. tried to impose currency restrictions, the blow to the market made them immediately reverse their decision. Strong conviction, huh?

In other news and notes:

• Cramer hypes GMKT. Does he read my blog?
• Asian markets plunge overnight
• UNH issues in-line guidance for 2007
• BIDU target raised to $128 at Goldman
• Hambrecht raises RVBD target to $40
• APSG misses EPS; stock gaps lower
• CC misses EPS, guides revs lower; stock -18%
• UBS updgrades CWTR to Buy from Neutral

long GOOG, GMKT, SNDK

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