1) There are several IPOs today on the Nasdaq, including one that was postponed.
U.S. airline Virgin America priced 13.3 million shares at $23, toward the high end of the $21 to $24 talk. This is a well-known company with strong brand loyalty with a strong "cool factor." The company is known for comfortable seats, onboard WiFi, TV, and its loyalty program. The last airline that went public was Spirit in May 2011.
Valuation is at a discount: price to this year's earnings is 10.5 times earnings compared to peers at 13 times.
Read MoreVirgin America IPO priced at $23/share: Underwriter
There have been plenty of biotech debuts this year, but Fibrogen, which overnight priced 8.1 million shares—more than expected—at $18 a share, toward the high end of the $16 to $19 range, would be the second largest biotech of the year. They provide oral therapy to solve anemia and fibrosis.
Finally, the first Chinese IPO since Alibaba has been postponed. EHi Car Services, the No. 1 car rental service company in China, was supposed to price its IPO overnight and ring the opening bell. In a filing, the company noted that there have been some allegations that it has misrepresented the size of its fleet.
2) Notice that the high yield ETFs all dropped yesterday, including the iShares iBoxx and SPDR Barclays High Yield. That's because a significant part of high yield is in shale plays. That's how they finance a good part of the drilling—with high yield debt.
Energy is the largest component of the high yield market, representing 16 percent of the market value, according to Deutsche Bank.
Read MoreOil set to fall further in 'new chapter' for markets: IEA
In a note, Deutsche Bank said that if oil dropped to $60 a barrel it would likely push 30 percent of the energy high yield sector into default.
"A shock of that magnitude could be sufficient to trigger a broader HY [high yield] market default cycle, if materialized," they said.