Everything Is Heading Lower Now

After a strong morning, the stock market has reversed course and is now heading lower.

The S&P 500 peaked at 1592.64 around 2:10 PM ET and is now trading around 1584, up 0.4% on the day.

At 3 PM, Bloomberg sent a report from German newspaper Handelsblatt across the wire that the German Bundesbank rejected the ECB's "OMT" bond buying program in a secret opinion prepared the German constitutional court (which is set to rule on OMT in June).

The euro fell sharply against the dollar on the news, but the move wasn't all that big – only about 15 basis points or so. Now, it's trading right at 1.30.

(Following on the euro's muted reaction, it's unclear why this is negative, because it's well known that the Bundesbank is against OMT.)

The yen briefly weakened against the dollar this afternoon on a report from Nikkei that the Bank of Japan would start investing foreign exchange reserves in the sovereign debt of other east Asian countries, but it already retraced the entire move following that report and is now strengthening.

Stocks headed lower. Euro headed lower against the dollar. Dollar headed lower against the yen.

A small bout of "risk off" this afternoon.