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Citi, Goldman and Trading at Lows

For the second day in a row, we end at the lows for the day.

Volume heavy, 6.5 billion shares on the NYSE consolidated tape, but again watch Citigroup — at 1.3 billion shares, it is 20 percent of total volume!

The Goldman hearings: it has been a long, grueling, 6-hour slog through the minutiae of emails and internal documents, and it’s not over yet. There are certainly no winners here, on the part of either the interviewers or interviewees, but here's a curious fact: Goldman is the only major financial that is UP today going into the close.

The risk trade comes off. The biggest decliners today were in cyclicals. In consumer discretionary, Ford down nearly 7 percent, even though they provided production forecasts for the second half of the year for North America and Europe that were well ahead of most analyst expectations.

Other consumer discretionary groups that were selling off were home builders and luxury retailers like Tiffany, all of which have had big runs since the February lows.

Commodity stocks like steel and metals were all weak, even DuPont, down 3.6 percent going into the close, even though they, along with MMM, notably raised full year guidance.

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