mercy What a turnaround post 8:30 SPX open. What was a mild risk on trade has turned into a full-fledged risk off.Reason in no order of Importance. JPM and bank Of america speaking at a banking conference said that Q2 Revenue will be lighter than expectations.These comments weighing on all banks/Financials . GS -3.2%,JPm -1.7%,MS -2.5%,BKX bank index -1.3%.This sector weighing the most on Spoos.The nasdaq 100 NDX has been +3.3% this month. WSJ articles yesterday and today flaunting the gains and reporting even the smallest of tech stocks are caught up in the Excitement.I beleive End of the month profit taking in play here.Fang Stocks your Nasdaq benchmarks all lower on the day.Chicago PMI was in line but pending home sales fell below consensus.Even Though pending home sales, a second tier Economic release, the string of ” misses” continues on the Data front.Also weakness In Oil prices is finally having an impact on Energy related stocks
Oil Lower as Monthly OPEC output Increased by 250k barrels a day, yes Increased.Libya and Nigeria increased production as they do not follow OPEC production cut deal.