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Something has definitely changed in the market: while for the past seven years (a period largely coincident with an easy, ZIRPing or QEing Fed) every day would be greeted with numerous research pieces, all urging traders to buy the dip, and to otherwise stay invested in stocks, now all the equity firms have turned their back on the S&P, and first Goldman, then JPM, then UBS, then every other equity trader has urged clients not only not to BTFD any more, but to STFR.

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China Flexes Muscles At Shanghai Gold Exchange

Written by Jeff Nielson (CLICK FOR ORIGINAL)

The December import price index report from the BLS showed a modest deterioration at the headline level: declining by 1.20% this was fractionally better than the expected decline of -1.40% however a notable drop from last month's -0.50%. While most of the December decrease was attributable to falling fuel  prices, nonfuel prices continued to trend down as well, with Import prices ex-fuels dropping 0.3% (after falling 0.2% in Nov), suggesting the rest of the world continues to export substantial deflation to the US.

A combination of ECB minutes showing some members looking for more stimulus and Basel Committee publishing final risk rules which will mean stiffer capital demands from banks has sparked weakness in EUR (sending the USD higher) and sparking and instant slam-down in gold and silver.

So this:

• *ECB ACCOUNTS SHOW SOME MEMBERS ARGUED FOR MORE STIMULUS IN DEC.

Yay - some is better than none! Vague hope.

And this:

• Islamic State launches militant assault on Indonesia's capital (Reuters)
• Three winners emerge in $1.6 billion Powerball jackpot (Reuters)
• European Stocks Tumble, Credit Markets Weaken on Growth Concern (BBG)
• Stocks and commodity currencies floored by new oil plunge (Reuters)
• China Bear Market Looms as PBOC Fails to Stop Flight to Safety (BBG)
• Anxious phone calls, tense moments before Iran's Supreme Leader okayed U.S. sailors' release (Reuters)
• The Quiet Side of China’s Market Intervention (WSJ)