After a nice pop last Friday and an aborted attempt to get it going again on Tuesday, stocks were down 3% for the week through Wednesday. Among the ten U.S. sector iShares, Energy (IYE) and Basic Materials (IYM) have led the market down this week. The “risk-off” movement has sent investors into the safety of the dollar and Treasuries at the expense of stocks and commodities.

U.S. stocks are raring to rally. Earnings reports have been quite good. Consumers are spending despite stubbornly high unemployment. Interest rates are at rock bottom, which is good for borrowing and also makes stock yields relatively attractive. So what’s the problem? Oh, just the usual—fear of a European debt meltdown triggering a global recession.