The University of Michigan Consumer Sentiment declined for the first time in four months (preliminary data). The survey, around 85% of it, was completed before the bank headlines started. There is a great possibility sentiment has gotten worse since then. There is a silver lining, however, as inflation expectations slowed for both 1-year (3.8% vs. 4.1% last month) and 5-year (2.8% vs.2.9% last month).

Banks are getting rocked again. The SPDR S&P Regional Banking Index ETF (KRE) is down 5.5% and Financials is the worst performing sector.

Market breadth is overwhelmingly bearish.

Today is Quadruple witching day, when market index futures, market index options, stock options and stock futures expire. So, expect heavy volume into the close.

Have a great weekend.