Yesterday, bond yields took off and they picked up on that again today.  There is an auction at 1PM that might calm markets, or not. 

The street was able to rationalize "high for longer," but it's hard to dismiss "higher for longer."   That said, we are not in for a summer swoon like last year. It’s clear however that the stock market is extended in the short term. 

Even with a sea of red, growth is the de facto safe haven. Meanwhile, those narrative-driven gains are fading fast in Utilities (XLU) and the oil patch.