The market tried to mount an unsuccessful rally in the morning on the back of a weakening dollar. Over the last hour all the gains have been given back. Tech stocks are leading the sell off today, with notable weakness in high fliers like AAPL, AMZN, NFLX etc. This points to investors starting to reduce risk. Till last week tech stocks were actually holding up quite well. Today, even the commodities were actually unable to mount much of a rally while the dollar was selling off.
I think the market has started to confirm the picture of some slowdown in the macro environment, that I have been writing about for the last few weeks. I think the fast growing emerging countries are having some success in their effort to control inflation and that is leading to some slowdown in global growth.