Once again growth and defensive sectors are higher while cyclical/value lower.   It seems the string of disappointing economic data is finally reflected in certain sectors. 

The ten-year yield bounced off the trend line, but there is no upside pressure. 

There is intriguing action in small cap stocks, as the Russell 2000 looks more and more like its hit a near-term bottom. 

The last day of the month gives way to that most difficult month on the calendar.  September actually performs even worse when it's the first year of a new president.  I'm not wedded to those kinds of historic precedents, although I'm big on year-end rallies.  

Hot money has bounced around so much it’s easy to get whiplash - right now it's focused on the aforementioned small caps and China on weakness.