Tuesday featured heavy selling reversing Monday’s light volume rally. Sell day’s volume continues to overwhelm previous light volume rallies. The conclusion is “distribution” or “getting out” of markets is pervasive.

Another way of putting this is perma-bulls are wasting their buying power when attempts to stop the bleeding in financial markets fails.

So what caused today’s selloff? It seems there are plenty of similar reasons as before: commodity market declines, Volkswagen, Fed credibility is on the line now, emerging markets sink once again as does Europe, stock buybacks are slowing as financing becomes more difficult and so forth.

Market sectors moving higher included: Treasury Bonds (TLT) and Volatility (VIX).

Market sectors moving lower included: Everything else.

The top ETF daily market movers by percentage change in volume whether rising or falling is available daily.

Volume again increased on selling while breadth per the WSJ was negative and Money Flow marked two days of declines.

We have to remember that we’re approaching the end of quarter soon. There’s plenty of incentive for bulls to jam markets higher to protect performance and fees for the quarter.

The week will wear on for Fed speakers to chatter all they want to manipulate market opinions Bullard’s comments this day were more than just a little curious. Lockhart spoke Monday and will try again Tuesday to create some buzz. Yellen is due up again Friday evening where she hopes to clarify the negative take on her press conference and FOMC decision. Bullard and Ether George speak again Friday.

I wonder how much these Fed governors get paid for these speeches if anything? I wish they’d just shut-up.

Let’s see what happens.