China's market turned downward sharply yesterday and it boiled over to our markets today. Of course, the Greek drama still haunts us as well. Trading on the NYSE was stopped for over three hours today; early word blamed it on a software glitch. I would have thought that might push the market even lower, but nothing really changed after trading resumed this afternoon. Of course, stocks that trade on NYSE  trade on other exchanges, so the markets weren't really disadvantaged. But it doesn't do much for individual investor confidence.

SPX closed down $35 or 1.7% at $2047, while RUT lost $19 or 1.5% to close at $1229. The NASDAQ Composite was down 1.8%. RUT and NDX are both well above the 200 dma, but SPX sliced through its 200 dma at $2056 today.

Trading volume didn't spike as one might expect on a day like this one, so it isn't clear that the bears have really gained the upper hand just yet. 2.2 billion shares of the S&P 500 stocks traded today, down from yesterday. Of course, trading volume was way off at the NYSE, but one might have expected NASDAQ to have spiked hugely higher on the NYSE outage. But it didn't; trading on NASDAQ declined 11% from yesterday.

But traders were spooked a bit by the uncertainties created by China, Greece and the NYSE technical glitch. The VIX popped up almost four points to 19.7%.

The Fed minutes from the last meeting came out today. The discussion appeared even more dovish than was previously thought from the formal announcement. Several members of the FOMC are concerned about the weak first quarter GDP number. I think the probability of increasing interest rates during 2015 is decreasing.

Alcoa began the earnings parade after the close with an earnings miss, but a revenue beat. The stocks was essentially unchanged in after hours trading.