We are an hour into the session and here's what I see...

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Chart Courtesy of Thomson Financial

The broad market indices were hit with selling pressure as soon as the bell rang but we now find the indices off their lows. An 85% decline in Bear Stearns (BSC) is weighing on the Broker/Dealer Index (XBD), making it the weakest index with a loss of nearly 10%. BSC is also a component of the S&P 500 (SPX) but, obviously, carries a much weighting in that index.

The oil complex is also weak the PowerShares Clean Energy ETF (PBW), Oil Service HOLDRS (OIH), Oil & Gas Index (XOI), and Natural Gas Index (XNG) all down more than 2%.

The streetTRACKS Gold (GLD) is up 1% but the Amex Gold Bugs Index (HUI) is flat. The iShares Treasury Bond (TLT) and AMEX Pharmaceutical Index (DRG) are the only other gainers.

As the BSC news (and Fed discount rate cut) sink in, the attention is starting to turn the FOMC meeting. And it appears that expectations have risen with the Street now looking for a full point cut.

Here are a few of the analyst upgrades and downgrades that I thought were worth noting this morning...

Upgrades
• AnnTaylor (ANN)
• Concur Tech (CNQR)
• Callaway Golf (ELY)
• Nordic American Tanker (NAT)
• Photon Dynamics (PHTN)
• Wynn Resorts (WYNN)
Downgrades
• TD Ameritrade (AMTD) [multiple]
• Bank of NY (BK)
• Coach (COH)
• CEMEX S.A. (CX)
• Double Hull Tankers (DHT)
• Goldman Sachs (GS)
• Lehman Brothers (LEH)
• Nike (NKE)
• Charles Schwab (SCHW)
• State Street (STT)