Risk-off: Equities down a full percent

The S&P 500 continues to give ground this afternoon, falling a full percent to 1282 as we write.

Commodities have turned lower across the board with the CRB down 0.1% now after rallying 0.7% earlier in the session.

The dollar is well off its earlier lows versus the euro but is trading easier versus the safe-haven CHF and JPY, a sign of increasing jitters.

EUR/USD continues to find buyers on dips to the 1.3470s; further support is seen in the high 1.3450s and again toward 1.3435/40.

As I noted earlier, CHF strength is like kryptonite to the euro, so it might not be a bad idea to lighten longs on bounces as long as that situation prevails.