Lunch-time bounce fades
It's not uncommon to get a bounce as New York heads to lunch but when it fades and stocks fall to fresh lows before 1 pm on Wall Street, it's a discouraging sign.
The S&P 500 is down 1.8% now and European stocks fell 3% today. There haven't been any fresh reasons for selling today but the inability to rally on a dovish Fed was a dire sign on Thursday and it's manifest now.
