The S&P sold off to as low as 2000, only 12 points from yesterday's low. The airlines are the worst performing industry with oil up +1.8%. Consumer staples are the weakest sector. This sector trades at a high valuation and is vulnerable to a stronger USD. The USD is up vs the EUR and the GBP. Can't blame the market's weakness on oil today (although CVX did suspend it's buy-back). Macro data on the weak-side and geopolitical risks seem to be the drivers of the sell-off. S&P bounced off of 2000, -1%, and rallied to be down only -0.3%, 2014, by lunchtime. Telecom and Materials are the sectors leading the rally. But the S&P cannot hold steady. It's drifted back down to -0.8% just after 1pm. It appears that the majority of shorts covered yesterday and the market is searching for support. Industrials have joined staples to lead this afternoon leg down. Airlines are still getting hit hard, -2.4%, with oil up +2.3%. The S&P has rallied back to unchanged and is attempting to turn positive before the last hour of trade. Crude oil up 5%, airlines at the LOD. -3.1%. The S&P did turn positive up to +0.1%, but quickly fell back into the red, down -0.6% going into the last hour. Complete breakdown into the close!