Some hawkish Fed minutes is an excuse for profit-taking. The market is getting a bit emotional here. I am too, getting visibly annoyed by the rampant bullishness around markets these days. Trading when annoyed is usually a good way to lose money. Gold and Apple in a race to the bottom. Who would have thunk it?
Update 1: Bloomberg has a story (here) on how Copper prices are at 7-week lows. Global economic recovery does not occur amidst a backdrop of falling copper prices and decreasing demand, no matter how loudly the bulls proclaim it.
Update 2: Rumors that a hedge fund with huge commodity positions is blowing up (here). This meme is trotted out whenever extreme selling pressure is visible and harkens back to the crisis days when the inability to meet margin calls after 2PM EST would result in huge blocks of stock being puked out. In a day or so, we should find out if this is even true.