Floor Talk - The U.S. stock market has gotten hit hard today by a battery of concerns that all tie back into a heightened feeling of uncertainty that has promoted a risk-off disposition:
There is uncertainty about the Federal Reserve -- not just the timing of the rate hike, but about the Federal Reserve's credibility
There is uncertainty about the global economy -- tied up in the recognition that commodity prices of just about every stripe have been hit hard
There is uncertainty about the Greek bailout again -- wrapped up in today's announcement that Prime Minister Tsipras has submitted his resignation and is seeking a snap election
There is uncertainty about the market's behavior -- driven by the stepped-up selling interest in former leaders (eg. Disney and Apple), momentum stocks (eg. Netflix), the inability of the energy sector (-1.7%) to find a bottom, and the financial sector (-1.?7%) rolling over
There is uncertainty about the U.S. economy -- linked to a yield curve that continues to flatten despite all of the prior talk about how the U.S. economy is gathering steam
The uncertainty and a general sense of concern about current matters has manifested itself in the CBOE Volatility Index (VIX 18.01, +2.76), which is up 18% today and 40% for the week, and the outperformance of gold (+2.2% at $1153.00/troy oz.) and gold mining stocks.
The test of investor confidence is on as the S&P 500, trading above 2100 just three sessions ago, is now flirting with 2040, which is the bottom of the trading range that has held intact since early February. The market either holds that line or another wave of selling follows.
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