The selling in equities today is utterly merciless.

The combination of stridently-hawkish talk from Fed officials this week and a decently-strong non-farm payrolls report today has led to an abandonment of the 'Fed pivot' trade.

The week had started out with a +5% gain but now the Nasdaq is barely in positive territory, up just 0.7%.

Nasdaq comp daily

I can't help but think that the inabilty to maintain even a modest rally from the June/Sept lows is a sign of a potential rout. I pity to think what will happen if next Thursday's CPI report is hot.