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

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The S&P 500 (SPX) popped at the bell but then saw that spurt quickly met with a round of selling. The University of Michigan sentiment index then hit the wires with its worst reading in more than 25 years. Overall, we have mild weakness in the broad market indices with the Nasdaq Composite (COMP) and Nasdaq-100 Trust (QQQQ) hardest hit.

Oil is jumping as the US Oil Fund (USO) ticks to a new annual high. The Oil Service HOLDRS (OIH), Oil & Gas Index (XOI), and Natural Gas Index (XNG) are higher while the PowerShares Clean Energy ETF (PBW) fails to participate. We have mild strength in gold.

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

Upgrades
• Aetna (AET)
• Baidu.com (BIDU)
• Emulex (ELX)
• Newmont Mining (NEM)
• Northrop Grumman (NOC) [multiple]
• Phase Forward (PFWD)
• Sohu.com (SOHU)
• Tenet Healthcare (THC)
• YRC Worldwide (YRCW)
Downgrades
• AMBAC Fincl (ABK)
• Arch Coal (ACI)
• Peabody Energy (BTU)
• Columbia Sportswear (COLM)
• Ford Motor (F) [multiple]
• Massey Energy (MEE)
• 3M (MMM)
• Nike (NKE)
• NETGEAR (NTGR)
• SiRF Technology (SIRF)
• T. Rowe Price (TROW)