Weak Start

Under a blood red sky
A crowd has gathered in black and white
--U2

Weak markets to start the year as US equity markets complete their first three trading days off 3-4%. Crude continues to get hammered and traded at a 47 handle today:

Beyond the energy sectors, the banks trade heavy and are already down a quick finski:

In retrospect, the Trannies may have been an important tell as they never confirmed new stock market highs in late December. Currently they're trading much like the banks:

The other noteworthy chart is Ten Year yields, which marked new lows for the move and are back under 2%:

SPX is now off five days in a row, something which hasn't happened in a couple of years.

Negative effects of money printing finally coming home to roost? Too early to tell although balls careening around the table like this is what we would likely see in the beginning.

position in SPX