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It's amazing how fickle investors can be. Yesterday, it looked like stocks were going straight up. Today, it seems like the opposite is true.

Bond yields are rising significantly, with the 10-year yield up 6 basis points to 4.86%. The market doesn't like rapidly rising rates, so this is an obvious headwind. But considering the weakness still present in the housing market, I don't think growth is about to reaccelerate meaningfully.

Measures of investor anxiety are also spiking today:

• The VIX is up nearly +15%, above its 50-day
• The ISEE is well below average at 112
• The CBOE put/call is spiking to 1.26, a very high level

Hopefully, these bearish indicators will lend some support to the market's slide, and we will see some attempt at a bounce into the close.

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