Currently, the major averages remain in the red but have climbed off their lows for the young session. The Dow is down 68.32 points or 0.4% at 16,877.60, the Nasdaq is down 4.92 points or 0.1% at 4,333.08 and the S&P 500 is down 5.47 points or 0.3% at 1,945.32.
The early weakness on
Citing poor weather in the US, financial market turbulence and the Ukrainian crisis, the
At the same time, the
Some traders have also taken the opportunity to cash in the on the recent strength in the markets, which lifted the Dow and the S&P 500 to record highs and the Nasdaq to its best levels in three months.
"Thus, if history is any guide, we're either on the cusp of a bear market or a trading range market for 6-12 months rather than further gains of substance," Boockvar said.
He added, "Most of the time sentiment doesn't say much about short term performance but when the spread between bulls and bears gets this wide, it's historically noteworthy and foolhardy to ignore."
However, it is worth noting that stocks have not seen much follow-through on their recent pullback attempts, with the markets often recovering after an initial move to the downside.
Airline stocks are seeing significant weakness in early trading, with the NYSE Arca Airline Index down by 1.8%. With the loss, the index continues to pull back off the off the twelve-year closing high that it set last Friday.
Brokerage, defense, and housing stocks are also seeing early weakness, while most of the other major sectors have shown more modest moves to the downside.
In overseas trading, stock markets across the
Meanwhile, the major European markets have all moved to the downside on the day. While the German DAX Index has fallen by 0.8%, the
In the bond market, treasuries are seeing modest strength after trending lower over the past several sessions. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 1.1 basis points at 2.624%.
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