It was an ugly day for stocks but if you told me before the CPI data that it would be hot and that stocks would trade flat on Thursday-Friday, I’d say that’s constructive. It sure doesn’t feel that way though.

• S&P 500 down 86 points to 3583 or 2.4%
• Nasdaq Comp -3.1%
• Russell 2000 -2.6%
• DJIA -1.3%

If there’s any kind of consolidation, JPM managed to gain 1.8% on good earnings on a rough tape.

On the week:

• S&P 500 -1.25%
• Nasdaq Comp -2.8%
• Russell 2000 -1.1%