If bond yields keep rising which I think they will, then not even stocks are safe from a welcome decline in energy prices. In this case lower energy prices could prove to be a Trojan horse unleashing a problematic rise in market rates.

It was a combination of long liquidation and fund selling. We do see rising copper stocks and that is some of the impetus behind the recent pressure.

The problem with rising short-term bond yields is that they boost the cost of acquiring and servicing credit, and thus they stifle domestic demand.

The decline in stocks yesterday was not the start of a trend. At this level investors should sell bonds.

I think the Fed is hanging its hopes on a couple of things. The bond price has dropped and yields have gone up and it is doing the job for them. . . the economy as a whole is slightly slower in the second quarter than it was in the first. There's hope that it will tail off to a more sustainable rate.

The door has been pried open for tech stocks, but it's not a welcome. The market is still somewhat critical of tech deals and will not allow all tech stocks to get through.