Let's see the bulls try to spin this positively -- 10:00 ET Consumer Confidence 76.6 vs. 85.0 consensus -- My first guess is that the weak job market is weighing on consumers. So of course the bulls will come back with "that's a lagging indicator"...
Update: Here's more detail (from Briefing.com):
10:15 ET Economic Review - Consumer Confidence : Consumer Confidence unexpectedly dropped to 76.6 in July from 83.5 in June; lowest reading in four months. Expectations component fell to 86.4 from 96.4; current conditions component fell to 61.9 from 64.2. Rise in unemployment to a nine-year high last month contributed to this surprising read. Bonds enjoying a much-needed bounce, however; ten-year Treasury note presently up more than half a point on the day to yield 4.21%.
more downside to go.