After two days higher, the market is once again a sea of red.

The latest wrinkle is Vladimir Putin demanding all arms in Ukraine to be halted, in order to agree to a ceasefire. 

The damage to growth names, mainly Communication Services (XLC), is bolstering the argument these names are getting cheap, on an absolute and relative basis. 

Right now, buyers have no reason to make a move, particularly in the sense that stocks will be cheaper tomorrow and the day after. 

The level of pessimism on several measures is in line with historic bottoms. 

For now, the market remains on the back foot.