S&P 500 sold off hard after the opening spike above 4,260 failed, immediately failed. Bonds gradually joined, in a risk-off fashion, and even though TLT didn‘t plunge, tech totally did – and the same goes for value. Could have been a short-term capitulation, but I wouldn‘t really bet on that – the little earnings-driven rallies get sold off a bit too hard, bit too fast. Obviously, the countdown to Wednesday‘s FOMC is on, and a series of 50bp rate hikes beyond May is expected – yes, for June and I would say also for July, and then September looks starting to get priced in. That‘s bad for all as…

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