Not too much need’s to be said after the VIX opened for trading early this morning and gapped up past 60:
Meanwhile the US Dollar is under full assault internationally:
Meanwhile, the blowout in the short term part of the Treasury curve is rallying hard is causing a rapid bear steepener in the 2s10s:
Nobody overseas, it would appear, wants to go long duration. In fact there was evidence of Asian entities liquidating US longer term debt into the Treasury market rally on the Asian market open.
As of 4 a.m. ET, the futures look bleak as Europe is falling off of a cliff some 5-7% on their open.
Just this humble author’s opinion, if the S&P 500 violates 4800 with volume today, a waterfall event that could close the markets by 1 pm due to circuit breakers and/or Presidential intervention is possible.
Stay tuned as this could be one of those days in history that is called a “historical marker” due to the impacts which will be felt far and wide for years to come.
