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.

We had some early fund buying this morning. And we had some midday trade buying.

Liquidation, liquidation, and more liquidation, ... It's a steady drumbeat of selling across the curve.

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 is all fund liquidation, probably commodity-index related. This was a commodity flush-out.

It's a fairly risky fund, but if you want to buy the stocks of the Nasdaq 100, that's a way to do it.