PRE MARKETS

Equity markets set to open much lower this AM as over bought is probably the word - in addition ORCL to buy JAVA-

ES -13.25;

NQ -23;

YM-106;

Gold up a bit while crude is near the unchanged line.

Checking the technicals on the SPX - the 875 area was the high on Friday and the high area on January 28 and Feb 9- in addition the 23.6% FIB retracement from the 1575 high in 2007 to the March 2009 low of 666 - is about 880- so just a heads up.

BAC with earnings this AM and the sell the news seem to be the trade as it is trading down 7.5% at $9.8 while JPM is down 3% at $32.25. GS/MS also down about 2.5% as folks take some profits.

Elizabeth Warren with Jon Stewart the other day and she had some great analysis - and some commentary on how to avoid future shocks to 401K holders.