We got weakness in the Nasdaq today before some big earnings.

The weakness from Friday carried forward to the international markets and we could get a horrific open here today. The concerns stem from the rising rates structure and what we got on Friday was something of a good news, bad news syndrome.

We got the worst possible scenario today: no rate cut, but confirmation that there is weakness. However, I don't think anyone should be surprised by this.

The firmer tone for crude futures should underpin the market at the open.

The surprise fall in crude stocks has helped the rally and the energy sector has keyed off that.

The pullback in crude is mostly related to the tentative deal between Russia and Iran on uranium enrichment, and gold is softer mostly for the same reason.