Well, that escalated quickly…

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“Not” a record high… Trannies were worst on the day (not off the lows) but Boeing, Goldman, IBM, and Caterpillar weighed on the Dow. NOTE – Dow bounced off unch from Monday.

All Implied Vols spiked today (S&P VIX topped 13 – above its 200DMA)…but then it had to finish with a big VIX puke…

But the pattern is the same across every major index… a complete decoupling between risk and price…

Financials took a dip this afternoon on Gary Cohn headlines (but all S&P sectors ended red)…

FANG stocks erased yesterday’s bounce…

Of course, the big mover of the day was Chipotle… which crashed to its lowest since Jan 2013, costing Bill Ackman a tidy $140 Million…

Today certainly had the smell of a Risk-Parity deleveraging day… (RP funds have been down for the last six days – the longest losing streak since July)

HY bond prices fell most in a month, finds support (again) at the 50/100DMAs…

Treasury yields ended the day higher with early selling pressure giving way to buying as US equities stumbled…

The Dollar Index rolled over today…

Gold and silver bounced (after an early panic bid through key technical levels), crude and copper dropped…

Are copper futures (two gap downs) starting to lose that speculative froth?

WTI bounced back above $52 after testing lower on DOE data…

Gold ended right at its 100DMA…