Oil is at $47 and change, and that's about the best entry you are going to get in this pullback.
Hit oil, and the world will think the economy will go to heck in a handbasket; after all isn't that their script?
The banks are a different story-they look to finally get some rest.
Friday at the close, all the banks got hit with gigantic sell orders. BAC had a 15.6 million print at the close, 30 cents under the last print, along with every other bank.
BAC had "good" earnings but the street doesn't know how Merrill Lynch made the $3.7 billion, just like Goldman's $6.6 billion FICC number that came at the expense of the taxpayer, or Citi's $2.5 billion on CVA (credit value adjustments) mainly due to the widening of Citi's CDS spread.
So they hit em, because the market, and the quants and the financials need a rest.
Because there's no rest for the weary!