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The S&P 500 and the Dow both backing off from the all time record highs that they set

Friday last week.

In fact, the Dow Jones recovered from a just over 500 point intraday loss to settle down

just 282 points, 0.79 percent.

S&P made a similar move, not quite as big down 0.71 percent.

The Nasdaq and the Russell 2000 were weaker Nasdaq down just off 1 percent.

Russell 2000 almost 1.2 percent seems like the companies that are more focused on the

US economy were the ones that fared worse in today's market.

I think a lot of the selling was a reaction to comments that were made in an interview following

Friday's close on CNBC.

Steve Leesman interviewed Boston Fed President Eric Rosengren and Rosengren expressed

pretty solid support to begin the taper in the fall.

And of course, the fall was almost here.

And so this may be one of the first of potentially many taper tantrums to come as the markets

are starting to price in what they believe to be tighter monetary policy.

In fact, the dollar index had a big update today up 0.51 dollar index climbing back above

the 93 handle closing at 93 13 gold and silver on the defensive.

Although gold only off a few bucks, not much damage, but look at the gold mining stocks.

In particular, the junior mining stocks, GDXJ down another 2 percent hitting a new 52

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