Business

The S&P 500 is down over 1% this morning. While in the old normal that would be nothing much to note, in the new normal, this is the biggest drop since October 11th!

The 110-day streak without a 1% drop is over... this was the longest streak since May 1995

Below is a look at historical streaks of trading days without a 1%+ decline going back to 1928:

VIX topped 12.5 for the first time since february and is breaking towards its 100DMA...

Does this look like policy 'success' or 'failure'?

VIX is jumping as stocks sink...

And Bank stocks are collapsing...

Pop quiz, name the top performing asset class of thus far this year?

If you guessed US stocks or bonds, you’re wrong. The top performing asset class hands down is Emerging Market stocks, followed by Gold, THEN the S&P 500, following by Treasuries and finally, Oil.

By the way, if you think the $USD is a big winner, think again, it's down 2% YTD.

There is something ironic in the latest monthly Fund Manager Survey from Bank of America. On one hand, a net of 34% of survey respondents said equities now the most overvalued in the past 17 years, in other words either fund managers were still in middle school when it happened and don't recall the 2000 dot com bubble, ofparadr they do, and are confident that the current market is an even greater bubble.

Since The Fed's 'dovish' rate hike last week, the dollar index has been tumbling. Today's drop takes the greenback to its weakest since Nov 10th - almost erasing the entire post-Trump gain.

This is the 5th down day in a row for the Bloomberg Dollar Index

This is the biggest 5-day decline since March 2015 and The Dollar is now unchanged in 2 years...

Finally we note that DXY is less than 100 once again...