Weak Open

What’s Eating Gilbert Grape this Morning?

In this order:

1.  Stress Tests didn’t instill even an ounce of confidence

2.  Italian and Spanish bond yields are trading above some key troublesome areas (despite talk of a Chinese White Knight)

3.  The Debt Ceiling Drama is ongoing, Geithner just did his best UNICEF Commercial impression on CNBC this morning, he may as well have been shaking a can

4.  Typical earnings season jitters as we really get underway this week.  IBM is tonight, they’re always good for a better-than-expected, but what will the rest of them bring to the table?

5.  Gold new highs freaking everyone out, I’m long the silver miners again (and even I can’t believe it)

6.  The Wall Street economists are basically cutting GDP expectations on a daily basis at this point.  It’s background noise until it isn’t

7.  The banks – a trapdoor in every floor (look at $BAC)

At least that’s my read of the situation, what are you seeing?

Tags: $SPY $DIA $QQQ