Janet Yellen made hawkish comments yesterday re a rate hike later this month, and the usual suspects sold off. The DJIA pulled back -150 points on Wednesday, and prices of both oil and gold plunged. However, there were a few positive divergences (both CAF [China 'A' Shares] and EWZ (Brazil) closed up over 2%), which extended into overnight trading in Asia.
The Shanghai Composite has now recouped nearly all of last Friday's decline. Brazil's iBovespa is rallying hard on news that a move to impeach President Dilma Rousseff is underway. Oil and gold are up this morning, while bonds are selling off. The DJIA if off another -80 points in early trading, but I suspect the decline will be 'bought.'