While one could take their pick of bloodbathery today, Turkey seemed like an appropriate place to focus as its bond yields are exploding higher, currency collapsing, and stocks plunging to the lowest since March 2014. How long before Erdogan decrees all of this impossible and fires another 'dependent' central banker?

The Lira is plunging at its fastest in 6 months...

Stocks are getting hammered...

And Turkish bond yields are spiking across the entire complex...

Amid the carnage in crude markets today, Baker Hughes just reported a 21 rig drop in oil rigs - the biggest absolute drop in 2 months. The total rig count dropped 28 to 709 - the lowest since 1999.

• *U.S. OIL RIG COUNT DOWN 21 TO 524, BAKER HUGHES SAYS

Oil barely budged...

Here's why... because production has barely budged...

Charts: Bloomberg

At a time when Europe needs a solution to the refugee crisis, and wants to focus its firepower on the organization the killed 130 people in Paris, NATO cannot be happy that the Turks are dragging them into a confrontation with the Russians, and making the whole situation a lot more dangerous than it was before the Nov. 24 incident.

Presented with no comment...

The Answer is here (don't look until you have had a guess!)

Amid the biggest weekly collapse in high-yield bonds since March 2009, Carl Icahn gently reminds investors that he saw this coming... and that it's only just getting started!

As we warned here, and confirmed here, something has blown-up in high-yield...

With the biggest discount to NAV since 2011...

The carnage is across the entire credit complex... with yields on 'triple hooks' back to 2009 levels...

As fund outflows explode..

And here's why equity investors simply can't ignore it anymore...