Early gains were erased by midday after the ISM manufacturing index fell to 52.3, a three-month low, from 54.9. Traders were disappointed, but Ben Willis, Senior Floor Broker of Princeton Securities, believes the market overreacted to the negative factory data and positive PMI from the emerging market should be given more weight. Traders are also following the US Treasury closely. The 10-year yield is back above 2.50 and traders believe it will continue to go higher. Willis believes 2014 is a market for stocks, not a year for the stock market. For risk takers, single names in the Nasdaq 100, such as Apple and SanDisk, might be good bargains. For safety seekers, the utility sector is worth looking at.

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