Some are blaming it on the Russians. Others a continuously week European economy and geopolitical events are always front and center. Oh, and of course we can’t forget the Death Cross for the technical audience. Today, the DJIA dropped 264.26 to 16945.80. The S&P 500 shed 32.31 to 1965.99 andstocks down, rates lower the NASDAQ Composite fell to 4466.75, an 88.47 skid.

The European economy has the jitters as a new bill was crafted in Russia giving Russia the authority to seize foreign assets on their soil, apparently in retaliation after Italy seized assets belonging to a Russian. If anyone is doing anything to ratchet lower the tension bar no one can tell. The Ukraine is still in the picture although Syria has taken the spotlight this week for obvious reasons.

One of the main Fed hawks Richard Fisher also made a comment that the Fed could raise rates in the first part of 2015. While this has been assumed for several months now because of the weaker August job numbers it was thought by some the Fed had some wiggle room and might hold off on any rate moves until well into next year.

If the stock selloff continues into Friday there will likely be spots of profit taking but the Dow’s fall today with a continuance into Friday and Monday along with a bit of paranoia regarding the September jobs numbers to be released next Friday. Until then, mortgage backed securities enjoyed today’s ride and rates for real estate relaxed somewhat, with prices rising 9/32 on the 30 year 3.5 coupon.