S&P 500 clobbered

The old adage is that a market rarely bottoms on a Friday. That was proven true once again today as the S&P 500 tried to stage a comeback only to get clobbered in the final hours of trading.

The index is now testing the 200-day moving average. It was where the market bottomed in February.

If you want to know why markets are freaking out, check out this video.