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Watch This 'Canary in the Coal Mine'

Sadly, stocks are again in thrall to the Eurodollar relationship: as the euro moves down, stocks move down, and when the euro comes off its lows, stocks do better.

If you want a canary in the coal mine, watch the Korean market. The Kospi Index (the ETF is iShares South Korea Index ) is a proxy for global growth: it hit a top at the beginning of May, and is down 6 percent this month.

One other factor that may be putting pressure on the markets: a huge amount new stock for sale. $9.5 billion last week of IPOs and secondaries, and $20 billion more this week. That is a lot of stock to absorb in a weak market. By contrast, in 2010, new issuances averaged about $4 billion a week, according to Charles Biderman at TrimTabs.com.

Predictably, the stronger dollarhas meant another day of weak commodity stocks, but with 6-1 declining to advancing stocks, there's very few places to hide.

One of the few bright spots is Goldman Sachs, one of the only financials up today. Not a lot of news, this looks like classic short covering. Shares have dramatically underperformed the broader financials in the past month, those concerns about government investigations of GS not going away — but nothing materialized over weekend.

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  • Bob Pisani

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

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