Despite Wednesday's hit, XLE remains the only sector SPDR ETF still up year to date (+34.8%).
Joe Biden concluded his first Asian spin as president with a meeting of the Quad partnership, which is expanding well beyond its original security focus.
The impact of the war in Ukraine on food supplies and the effect of Fed rate hikes on the pace of the economy are big concerns moving forward.
Remember that this is a traders' market more than an investors' market. That's how it'll be until we have a change in trend and confirming follow through.
Let's recap some of the main worries behind the selloff. Unfortunately, I think the trading action gets worse before it gets better.
Casual observers might not realize that real sea monsters live under the placid surface of the deep green oceans before us.
Four big dangers for this market are keeping me cautious right now.
The possibility of a recession in the quarters ahead cannot be dismissed.
I am more concerned, for markets, about quantitative tightening than rate hikes.
Let's see how this earnings season shapes up.