The market is boxed in due to the problems with global growth and the Federal Reserve. Monday's decline in tech stocks cannot be blamed exclusively on Apple. Lumentum, one of Apple's facial recognition suppliers, reduced its outlook for the quarter, citing a reduced shipment request from one of its biggest customers, which everyone assumes is Apple. Other Apple suppliers, such as Qorvo, Cirrus Logic, and Jabil, were also weak. But the fact that all the FANG names were down 2 percent to 3 percent, and the industrial and energy sectors were down 1.5 percent each, points to a bigger problem. Domestic growth seems strong, but the global growth picture in Europe and China is generally weaker. That's one reason all the high valuation stocks (FANG) are getting taken down.

The tariff issue greatly complicates the global growth picture. Another problem is the strong U.S. dollar, which is a result of a variety of factors, including the Fed raising rates, Britain's plan to exit the European Union, a weak euro, Italy's weak economy and a weaker China. The dollar is hurting commodities, with double digit declines this year in copper, aluminum, zinc, and lumber.

Commodities tumble in 2018