DOW HITS TWO-YEAR LOW AS GM AND FINANCIALS LEAD IT LOWER -- RIMM LEADS BIG SELLOFF IN NASDAQ 100 -- TIPS LEAD BOND BOUNCE -- FALLING DOLLAR GIVES BIG BOOST TO GOLD AND OTHER COMMODITIES

DOW BREAKS MARCH LOW -- NASDAQ 100 TUMBLES ... The market is under heavy selling pressure today. Chart 1 shows the Dow Industrials trading below its March low which is the lowest level in nearly two years. Other big board indexes are bearing down on their March lows. Autos and financials are the Dow's biggest losers. General Motors is down 11% and trading at the lowest level in more than a decade. The Nasdaq 100 is the day's biggest percentage loser. Chart 2 shows the PowerShares QQQ Trust (QQQQ) down nearly 3% and trading at a two-month low. The biggest reason for that is a 12% drop in Research in Motion. Other big tech losers include Apple, Oracle, Intel, Cisco, and Google. Internet and chip stocks are under the most pressure.

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BONDS RISE AS YIELDS DROP ... As is usually the case, money coming out of stocks is moving into bonds. As a result, bond prices are rising and bond yields dropping. The strongest bond ETF on the day is the TIPS Bond Fund (TIP). Chart 3 shows that ETF climbing back over its moving average lines. That makes sense with rising commodity prices keeping inflation concerns in the forefront. Falling bond yields are pushing the dollar lower and commodities higher.

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FALLING DOLLAR BOOSTS GOLD ... Chart 4 shows the Euro climbing to nearly a two-month high. That means that the dollar is falling. The falling dollar is pushing the Gold ETF (GLD) up the equivalent of $30 dollars today (Chart 5). Most other commodities (including oil) are up strongly as well. Chart 6 shows the Market Vectors Gold Miners ETF (GDX) jumping 4% today.

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