The market overreacted to the storm and that attracted buyers at key technical levels,

Volatilities have also been bid up across the curve and with the yen having breached key technical levels, it now appears to be preparing for an attempt at testing its September 1998 low of 129.03 against the dollar,

That's terrific if you're a BellSouth shareholder ... but there are too many negatives poking at the market right now.

The financials bottomed out in mid-October. Now everybody and their sister is saying they've got to buy them. There's a perception that the yield on the 10-year note is not going that much higher.

It's the kind of market now where (investors) have to get out -- to lighten up, ... Interest rates are making people do that, and fear of a slowing economy and higher inflation. If that's the fear, then prices come down.

We had the Nasdaq acting poorly all day, even when the Dow and the S&P were doing well all day, ... But breadth has gotten increasingly negative. We are just seeing technical action here and higher oil is just exacerbating the move.