Tuesday Morning Look

Oil futures are up about $1.50—again, even though there is enough oil to fill up Giants stadium just sitting in San Francisco bay this morning. New homes sales are out this morning and everyone seems negative on financials . UBS is looking for more pain ahead and Dick Bove, the Dennis Gartman of financials is very negative on the group. I just don’t see meaningful upside with financials under pressure and energy in such a strong uptrend. As we all know things can change on a dime around here so let’s stay ready.