After a mixed European/ Asian overnight trade, US markets have moved down between 50 and 100 bps. Relative action in the Semi’s (SMH), Discretionaries (XLP), and Emerging Markets (EEM) suggest a little risk being taken off the table. Internals are weak, but not breaking down by any means. Lots of bond inventory coming to market this week, and we have the FOMC statement on Wednesday.
Just Sayin’
