The Fed’s decision to not raise the fed funds rate at this time was ultimately taken by the market as a no-confidence vote on our economic health, which just added to the fear and uncertainty that was already present. Rather than cheering the decision, market participants took the initial euphoric rally as a selling opportunity, and the proverbial wall of worry grew a bit higher. Read more about Sector Detector: No rate hike translates into heightened wall of worry

For those investors who thought there might be a quick V-bottom recovery in the markets like we saw last October, they have been sorely disappointed. Last week, the Dow Industrials fell -3.2%, the S&P 500 large caps fell -3.4%, the Nasdaq was down -3.0%, and the Russell 2000 small caps dropped -2.3%.From a technical standpoint, most chartists agree that much damage has been done to the charts and the market seems quite vulnerable and likely to retest lows. Market breadth is poor. And from a fundamental standpoint, the list of concerns is long. Read more about Sector Detector: Fear and uncertainty hamper a quick turnaround in stocks

Much ado was made of China’s surprise 3% devaluation of their currency last week. But keep in mind, the yuan is pegged to the dollar, and with the dollar so strong, every major floating currency and commodity is down a lot more than that. Deflation is now a real threat. Then, there is the suddenly resolved issue of Greece’s debt (along with the worry of a domino-like fall of the entire Eurozone). Read more about Sector Detector: Currency wars take the spotlight as stock investors must gauge which news is relevant

As a rather uninspiring earnings season starts to wind down, bullish investors eager for a significant catalyst from company reports instead have been left a bit flat-footed and disheartened. With consumer sentiment and retail sales flagging in key overseas markets like Europe and China, global capital continues to flow into the safety of U.S. Treasuries, driving down bond yields despite a supposedly imminent fed funds rate hike. Read more about Sector Detector: Rankings take a defensive turn as bulls lack a suitable catalyst to sustain a rally

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