Just in case yesterday’s weakness was mistaken for “well, it’s just stabilizing before the next leg higher,” US equity markets are pooping the bed this morning with The Dow down over 500 points from its post-Yellen highs, FANGs plunging red, credit collapsing, and bond yields slumping. Between quad-witching, Fed policy error concerns, and the utter failure of the Bank of Japan’s efforts to save the world, global stocks and bonds are flashing red warnings for the end of centrally planned markets.
That was not supposed to happen…