The good news is the Dow and other large indices cut their losses in half for the session but the last hour of trading is more critical. I think the bias is still to the downside.  That being said, the orderly nature of the selling today and the last two weeks underscores a lack of panic even though the frustration is clear.

If the market turns higher today it would be a major victory and buy signal. 

I must admit the damage in financials has been particularly compelling including an array of downgrades including a ‘sell’ rating on Morgan Stanley this morning.  I get where some experts think bond yields are sending the wrong signals but I think they’re wrong- again.  Regulatory relief and lower taxes happen although not as fast as hoped (to a degree always unrealistic).  The Street loses its cool a lot faster than non-professionals.