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It's probably premature to say a major rotation is happening, but the action feels like safe-haven buying.
It looks like traders are trying to exploit a clear pattern rather than developing big-picture views.
Big-cap momentum names are among the few that are producing results right now.
Anticipation of the Fed announcement is likely to keep bids in place and keep the selling from gaining momentum.
Breadth is negative, oil gets crushed, and all major sectors are in the red.
The only group that's bouncing is precious metals. Otherwise, I'm looking for beaten-down bargains.