Traders have been looking for a bounce in two critical sectors...small caps and energy.
We did get a nice lift in the small-cap Russell 2000 (IWM) early morning, and it's about time: it has been a terrible underperformer for months, particularly in the last 30 days or so, when the Russell 2000 has been down roughly 10 percent versus the roughly 5 percent decline in the S&P 500.
Russell had been positive all day even as the S&P has drifted into negative territory, but now it too has drifted into negative territory.
No bounce at all in one dramatically oversold sector, energy. The main ETF for exploration and production stocks (XOP) is down 23% in the past month.