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US Equity Futures Are Crashing

Moment ago, without any specific catalyst, US equity futures just plunged when in thin, illiquid tape, a seller took out about 30 consecutive levels and moment ago, the ES was down as much as -48 to just 1923, after being down a modest -13 minutes ago.

It is unclear just what is going on, or whether some prop desk or hedge fund just got tapped out, and/or how the Fed will react but the last time we had action like this, the Fed confused a liquidating SocGen trader for an economic collapse, and cut rates by 75 bps in January of 2008. This time it does not have that luxury.

So while we await the Fed's response we watch in stunned amazement at a meltdown the likes of which we have not seen in years.