The market spiked today on a fictitious report that Kevin Hassett said the White House is ready for a 90-day pause. The White House says it was fake news, but that would be a mistake. 

Countries are lining up, including the European Union – this would be worse than a Trump Bump. 

Stocks sold off again after the White House denied the headline, but not all the way, the S&P 500 is only down 90 points and above its overnight low and nearing its 5000-support level.

This can also be seen in a large swing on the Volatility Index (VIX) earlier this morning.

Historically this index tends to not hold above the $35 level very long.

All sectors are in the red; however, Communication Services (XLC) is showing some resilience. Real Estate (XLRE) is currently the worst performer.

Fed speakers will play a greater role than earnings this week.