Equities reversed course again on Thursday as geopolitical tensions came back to a simmer. The crisis in Ukraine is at the heart of events and it could boil over at any time. Conflicting reports have each side shooting at the other and nothing confirmed. The takeaway for the market is that this crisis is not going away and that it will likely impact market action over the next week if not longer.

In economic news, jobless claims rose more than expected and counter to seasonal expectations while on the housing front, permits and starts were a mixed bag showing the impact of high demand and tight supply. Friday's market action will likely be driven by the index of leading indicators which is expected to show cooling from the previous month. The S&P 500 is down about 8.3% from its all-time high and within striking distance of setting a new low. If the index falls below 4,300 it could easily shed another 500 points within days.