Who could have seen that coming? Bob Pisani is about to get "worried" as VIX broke above 25...

August Deja Vu all over again? VIX highest since September 2015...

VIX term structure has inverted...

2016 has not been pretty...

"2015 was unsually poor."

That's how Citi's iconic credit strategist Matt King begins his latest report, starting with a chart we have shown previously, namely that total returns across most asset classes in 2015 were downright miserable - "near zero or worse" - and that as a result the active manager comunity was humiliated to a degree not seen since 2008, especially in the high yield space, where as we know, several liquidating mutual and hedge funds were forced to gate over the past month.

Well that escalated quickly...

Facebook, Amazon, Netflix, Tesla, and Alphabet... all red...

But but but #NetflixEverywhere!!??

Submitted by Raul Ilargi Meijer via The Automatic Earth blog,

If there’s one thing to take away from this year’s developments in markets and economies so far, it’s that they are all linked, they’re all part of the same thing. If you can’t see that, you’re not going to understand what’s happening.

Remember 'The Santa Claus Rally' that Bob Pisani said "we should expect" - well The Dow is now down over 1200 points from the highs just before the end of the year and extending those losses as Reuters reports, PBOC advisors are said to call for steeper yuan depreciation, pressuring the government to depreciate by 10-15%.

Dow collapse...

As all major US equity indices are in free-fall since the start of December...