Another day in ignoropia... And a second clip - because we can - that seemed a perfect analog for mainstream media in the middle of today... American Molly Huddle celebrates too early & loses bronze medal in world final of 10,000 meters. Biggest https://twitter.com/hashtag/EpicFail?src=hash!function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0],p=/^http:/.test(d.location)?'http':'https';if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src=p+"://platform.twitter.com/widgets.js";fjs.parentNode.insertBefore(js,fjs);}}(document,"script","twitter-wjs"); ???? pic.twitter.com/AC9iFEuUhj — Asjad Nazir (@asjadnazir) https://twitter.com/asjadnazir/status/635804131576442880!function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0],p=/^http:/.test(d.location)?'http':'https';if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src=p+"://platform.twitter.com/widgets.js";fjs.parentNode.insertBefore(js,fjs);}}(document,"script","twitter-wjs"); It started in China... Continued in Europe... And then catastrophied in The US... The crash in stocks at the open appeared as much driven by a collapse in USDJPY - JPY carry unwinds - which ripped back and lifted stocks... Cash indices ripped back off the lows and Nasdaq 'touched' unchanged on the back of AAPL... before it all fell apart again... As the end of the day loomed, chatter of QE4 (hope) and PBOC RRR Cut (hope) managed to ramp stocks... dragging S&P minis back to VWAP... (on heavy volume) Some context for the drop today... Everything is red post-QE3... Energy stocks crashed, catching down to energy credit markets...which hit another record wide today... "Inconceivable" - US financial stocks collapse to credit... VIX explodeder... Catching up to credit... Treasury yields plunged as stocks collapsed but as the PPT stepped in and rescued AAPL, so bonds got hit (with the long bond yield soaring to +4bps from -11bps at one point)... then as the weakness re-accelerated, yields plunged... 10Y traded with a 1 handle once again... and 30Y went out with a higher yield The USD drooped most in 5 months today back to 7 month lows... Despite USD weakness, commodities were all lower as we suspect margin calls necessitated widespread selling in everything... Crude was utterly monkey-hammered back to a $37 handle... One final thing... China opens in a few hours!! Charts: Bloomberg Bonus Chart: Blood On The Streets Of The World...