b) selling the U.S. consumer. The weakest sector today, by far, is consumer discretionary: retailers and home builders. Retailers were the market leaders going into May, but no more — selling has accelerated since earnings season began a weak ago. Home builders were the last leadership group standing, but in the last two days they have been selling them with a vengeance: Standard Pacific and KB Home and Pulte are all down about 10 percent, in two days.
c) Dow Transports down 3 percent, with the Dow Industrials down 1 percent. Ugh. That is an unusuall wide divergence.
d) precious metals ( gold ) split from other commodities, rallies on poor Philly Fed on hopes Fed will do QE3, but the rest of the market doesn't believe it.
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