Exxon Mobil was upgraded by Bank of America Merrill Lynch and the raised price target caused stocks to get a lift in the morning session. However, the boost did not last long and stocks began to give back those gains. Ben Willis of Albert Fried notes many stocks being sold are ones with high margin requirements. Willis mostly sees a sector rotation happening out of the names and going into lower beta names. He also points out the biotech weakness at NASDAQ.

Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

If you liked this article you might like

Illumina Lights the Way for Biotechs

Illumina Lights the Way for Biotechs

Indices Don't Have Much in Common

Trader's Daily Notebook: 3 ETFs With Healthy Setups

Trader's Daily Notebook: Keeping a Short Leash