This market is one tough hombre. It lost not one but two bull themes -- China and Apple (AAPL) -- but it still can't be killed. This is 2012 writ large, where people say, "OK, they don't like copper, then let's buy Kellogg (K), Prudential (PRU), McDonald's (MCD), Kraft (KFT) and everything else that does well in a deflationary world, which is how people are viewing the Chinese lower growth target.
Meanwhile, Apple's decline is scaring the heck out of everyone as shown by the non-stop Twitter commentary about what's going wrong.
It's just that this chart of Apple is INSANE! Unless you think it is getting a $600 bid tonight -- and, of course, that's untrue -- there is simply no reason why AAPL SHOULDN'T trade down like this. You are not going to get this stock to just go down a couple without others jumping off as fast as they can. That's how you get such a hammering.
I find the Rydex CurrencyShares Euro Currency (FXE) hanging in and the transports off their lows to be very significant if only because those are the two indicators, along with the now pathetic iPath Dow Jones UBS Copper (JJC), that would actually worry me if things were truly teetering.
It's just not that bad out -- even though it should be, because the U.S. economy has been knocked back by China, or, so far, by oil.