It could be fear. It could also be someone trying to capitalize on impending bad news. Including bad news of their own making such as another 9/11. Somehow I doubt an election in Italy can cause that much fear. It's got to be something else.
- Middle east? No news out of Iran except for a radiation leak.
- North Korea? Hard to take them serious.
- Sequestration? Debt Ceiling is resolved until May.
- Housing reports & consumer confidence due tomorrow.
- Durable Orders and Initial Claims due 2/27.
- GDP due 2/28?