Half of yesterday's rip in US equity markets has now been erased with the S&P 500 down 62 points to a session low of 2405.
In the big picture, yesterday's bounce is starting to look like a dead cat bounce (albeit a big one).
That said, today is the deadline for some tax-loss selling because of the lag to settlement so watch out for a rip very late in the day as people anticipate the end of flow-driven selling and begin to bottom pick.
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