As we begin the first full week of trading for May one has to wonder if the old saying will hold true...”Sell and Go Away In May”.

U.S. futures are pointing to much lower this morning with futures point to an applied open on the DOW of -62.00.

The move lower along with the Euro Zone, is in part of the increased turmoil in the Ukraine and China’s disappointing Manufacturing data report overnight.

Look for global markets to be weak and commodity prices such as crude oil (USO, quote) gold (GLD, quote) to move higher as fighting continues to escalated in Eastern Ukraine despite Friday’s bloodiest day with 46 people being killed. On the weekend fighting broke out in 6 cities over the weekend including pro-Russian forces in Odessa took control of a Police station and freed nearly 70 activist being held at the station.

The headline this morning hindering markets is China’s (FXI, quote) HSBC manufacturing purchasing managers’ index dropped to 48.1. Estimates were for an increase to 48.4. We will have to wait and see to find out much Market participants factor in the China slowdown.

One place we want to watch closely is the banking sector. This will be the first day traders can trade change in Norway’s $866 billion sovereign wealth fund servicing. Citigroup (C, quote) just won a contract to service the fund displacing JP Morgan Chase (JPM, quote).

If that wasn’t enough activity in the sector for you…in comes Warren Buffet. Last week saw Bank of America (BAC, quote) take it on the chin with an account mistake that caused the bank to postpone its play to increase its divined. Normally, accounting mistakes would be red flag for exiting but Mr. Buffet is standing behind Bank of America stating he is confident the bank will overcome the issues. Mr. Buffet has a $5 billion investment in the bank.

Those who have large positions could use any strength in the name to buy insurance and ride out the situation.