ROSENBERG: Here are 10 reasons why stocks are backing into 'corrective mode'

Stocks are getting slammed.

On Thursday, the S&P 500 erased its gains for the year. With the Dow, it fell 1.4%, the worst drop in six weeks.

It also fell below its 200-day moving average, a move that some traders take as a bearish sign for stocks.

And on Friday morning, stocks were selling off again. If markets close lower, the S&P 500 would log its seventh down close of the past eight sessions.

"All of a sudden, the stock market is back into corrective mode," writes Gluskin Sheff's David Rosenberg in a note to clients on Friday.

He offered these ten reasons for why markets are taking:

• Oil prices are still going nowhere.
• Gold fell to a five-year low, and copper to a six-year low on Thursday - markets are getting worried about global growth and deflation again.
• The Fed is talking more bluntly about raising rates in December.
• Higher wages are cutting into profit margins.
• "Bellwethers" like Macy's, Nordstrom, and Cisco are reporting weak earnings and guidance on revenues.
• Retailers are expecting soft consumer spending this holiday season, despite higher wages and savings from low gas prices.
• China continues to slow. Eurozone GDP grew only 0.3% quarter-on-quarter in Q3.
• High yield corporate bond yields are rising and spreads are widening, as concerns about energy-related defaults increase.
• Both Democrats and Republicans are hating on Wall Street more and more these days.

So there you have it.

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