Traders search for the market bottom

Pisani's market open: No break for big oil

We don't care. Markets shrug at a positive report from Goldman Sachs and good weekly jobless claims. Stock futures dropped after strong weekly jobless claims came out at 8:30 a.m. EDT.

What do they care about? They care about not getting run over. They care about buying on the news and then finding themselves down 2 percent 15 minutes into the open.

They also seem to care about oil. Futures dropped to the lows of the morning just as U.S. oil dropped below $80, about 7:10 a.m. EDT.

Where's the bottom? Unfortunately, it isn't clear. Sure, many sectors are dramatically oversold, but any market watcher will tell you markets can remain overbought or oversold for a long time.