It was fun while it lasted but it seems a recognition that the Fed will have to Taper at some point sooner rather than later (for these four reasons) combined with the Washington anxiety hotting up seems to have sparked a "sell the news" event on the back of good news (China PMI, EU PMI, Merkel, AAPL). Perhaps, just perhaps, the final short overhang was wrung out inlast week's epic spike courtesy of a Fed that didn't like how consensus was in line with them. Notably, bonds are rallying in a very old-normal rotation to weak growth/safety manner and are near post-FOMC low yields. Gold remains well above its pre-FOMC lows and the USD remains well below pre-FOMC levels. In other words, US stocks have given back the most of all assets impacted by the un-Taper.
[4]
The Nasdaq is holding green - just - on the back of AAPL's exuberance for now...
[5]
And financials are doing worst with Utilities outperforming as rates slide...
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Charts: Bloomberg