The washout is over
The S&P 500 is in positive territory, wiping out today's 25 point loss in less than an hour.
This was such a classic pattern. It's something I touched on last week, when I warned not to be a hero on Friday. There was the Friday rout that stoked the weekend main street fears, then the selling peaked at the open.
The ISM non-manufacturing report was a reminder that the economy is in great shape.
One thing to watch is bond yields. They're now flat on the day but if the 10-year begins to tick to 3% again, the worries could come back.
