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Was That the Turning Point Two Weeks Ago?

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Another day, another 204-point swing in the Dow. Notice how more volatile the market has become? It's been two weeks since the Fed minutes were released, which revealed a lively discussion on when to taper bond purchases.

The S&P 500 hit an historic intraday high that morning (1687.18), and by the end of the day we were all actively debating whether it was some kind of inflection point in the market.

We don't know if it was an inflection point long term, but short term that has certainly proved to be the case.

That day was the top of the market, so far.

(Read More: Why Bad News Soon May Just Become ... Bad News)

Since then, the S&P is 3.4 percent off its highs, and the Volatility Index (VIX) has gone from 13.05 (the May 22 intraday low) to 16.78—a 28 percent gain.

And interest-rate-sensitive sectors have been hit hard, with the Dow Utilities down 7.1 percent and the price of 10-year Treasurys down 2.1 percent.

Elsewhere, another REIT specializing in single-family houses goes public tonight. Colony American Homes (CAHS), which lease and manages such houses, is seeking to sell 20 million shares at $11.50 to $13.00.

As of April 30, Colony's portfolio consisted of 8,764 wholly owned homes and 1,167 owned in a joint venture, mainly in Arizona, California, Colorado, Delaware, Florida, Georgia, Nevada, Pennsylvania and Texas.

The market has not embraced companies buying and managing blocks of single-family housing. Silver Bay Realty (SBY) went public in December priced at $18.50 and is now $17.86; American Residential (ARPI) was $21 in May and is now $19.20.

By CNBC's Bob Pisani

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  • A CNBC reporter since 1990, Bob Pisani covers Wall Street from the floor of the New York Stock Exchange.

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