Bond yields hold the key to an emotional market that can change on a dime, says this strategist

Early electronic skirmishing Friday points to the S&P 500 SPX opening near a seven-week trough. Wall Street’s equity benchmark is down 10 of the last 13 sessions with a number of suspects getting the blame.

“Recall, the market got off to a great start this year largely due to views that bonds yields had peaked, especially after the March bank issues,” he says. “At some point, equity weakness might be viewed as super bearish for the macro outlook and investors will return to the safety of bonds and policy makers will try to talk down yields … which could help to stabilize the situation,” says Kantrowitz.

The buzz Traders may need to be on their toes as an estimated $2.2 trillion of stock options are due to expire on Friday.

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