Russell is the problem child today. First, XLE broke some critical support. Last nights numbers saw a draw on crude national reserves and 10:30 today the real inventories hit the tape. I see serious damage to the crude trade hit yesterday and watch pop as sellable events. Second, GILD really disappointed which will likely weigh heavily on the RUT today. Biotech is a huge component of the index. Finally, bond yields are up today but so far regional banks don't seem to be supporting the RUT at all. I suspect we will see new May lows hitting the tape today.