This market was digging deep for a reason to hit the panic button but couldn't find it

Everything begins to turn

Oil might have been an early tell. It was holding up well earlier and now it's higher oil the day with WTI up to $72.74 from a low of $70.76.

The bid in bonds also faded even as US stocks were making new lows earlier. The 10 year yield is now flirting with 1.30% again after falling to 1.25%.

Of course, the dip buyers in stocks don't need much incentive either. The S&P 500 is down 36 points to 4321 from a low of 4289. We're into the opening gap now.

I get the sense this is a market that's digging deep for a reason to hit the panic button but just can't find it.

It's the same story in FX as USD/CAD falls to 1.2530 from a high of 1.2590 and the dollar showing life against the yen.