Editor's Note:

Comments from Philadelphia Federal Reserve President Charles Plosser unsettled the market today.

Plosser suggested the Fed might have to act sooner than previously expected and bonds bounced while equities retreated.

A round of disappointing retailer earnings results also soured the mood today.

We are not adding any new trades tonight. The Russell 2000 is poised to hit new relative lows. Meanwhile the S&P 500 is on the verge of closing below its simple 50-dma, which hasn't happened since mid April.