No Love For The Markets

The market is taking it on the chin again today. With roughly 2 hours to go, the SPX is down a little less than 1%, while the mid- and small-caps are down 1.5% - 1.7%. Certainly today's action is disappointing, at least it will be if we close at these levels.

Oil is trading lower ($68.75), and that is weighing on the whole energy complex. Commodity stocks are also trading lower. I am surprised that this type of action in these groups continues to weigh on the overall market. The 10-year yield is up at 5.14%, which isn't helping.

Let's hope for some late day stabilization to keep things from getting too ugly.
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