Game On?

She's got a heart of gold
She'd never let me down
But you're the one who always turns me on
You keep me coming 'round
--Bryan Adams

Not sure. Early attempts to jam them higher failed and domestic markets sank all day, closing on the lows. The SPX lost about 2% and now sits on its 200 moving avg.

Banks lost a bit more and dropped out of the channel that defined their recent melt-up.

Ugliest chart belongs to the Trannies that have now decisively broken down thru near term support. Perhaps other markets are now moving to close the divergence.

Technically, then, most damage is limited to the shortest of time frames. Which, of course, is what one should expect from a single 2% down day in a generally uptrending market.

On the other hand, markets have been stick saved by central banks et al so many times in these situations that it is hard to imagine a context pregnant with more moral hazard. Risk seems higher here than many market participants may realize.

position in SPX