A List Of Positives

While the fundamental picture is ugly, there are some positives in today's market:

  • Italian bond yields are actually lower today. They were the canary in the coal mine on the way down.

  • We definitely saw panic today. That whoosh down was scary and shook out some weak hands.

  • Treasuries have been steadily heading lower after peaking during the "whoosh"

  • Today is day nine of this move lower.

  • The CBOE and ISE are both showing extreme put activity.

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