The markets seem to be waiting for the release of the FOMC minutes at 2 pm. Financials are higher, but so are utilities. All we can take away from that, is that there is uncertainty around a rate hike and still a healthy appetite for safety. Bank earnings are coming up to bat with WFC, JPM and C all reporting Friday before the bell and that could account for the rise in the financial sector.

Oil is off today, down 1.3%, with the strong dollar weighing on the commodity. The yield on the 10-year Treasury note is higher at 1.796% with two auctions on the schedule for today.  The 10 Year bond yield hit 1.80 this morning.

Mortgage applications for last week were down 6%. The drop is attributed to rising rates which are at the highest in a month.  The average rate for a 30 year loan rose to 3.68% from 3.62% while points increased to 0.35 from 0.32. Applications on refi's continue to drop and are especially sensitive to rising rates.

Market internals are split about 50/50 across the board for advancers/decliners, up/down volume and new highs/lows. Total volume is light. It is a wait and see proposition today without much news for investors to sink their teeth into.