Commodities began a sell off in Asia last night paring most of the gains had in early trade. That sell off along with worries of a downgrade for France and Germany spooked investors in Europe. All of which spilled into U.S. futures. Then we had some not so good earnings out of $BAC and $LLTC which helped to take U.S. equities down hard thus far.
Miners across the board are hitting fresh 52 week lows and the S&P has broken crucial support between 1550 -1557. Currently we have popped back above 1550. Closing prices will spell the extent of the damage….or not. We shall see.
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