The message from the markets... Year-over-year, The Dow is down almost 5%, its biggest such decline since 2009... not that once the YoY trend turns negative, it tends to persist... (Dow is unchanged since Dec 2013) Futures show the pain really began when VW hit the tape early in the European session... On a side note, DAX is now down 17% since Draghi began Q€... But then again... maybe it's just EURJPY carry once again running the entire risk-on/risk-off show... Stocks tanked on the day... with some Papal Panic Buying the close... Dragged into the red for the week... Since Yellen lost all The Fed's credibility... And the year... It appeasrs everyone was desperate to keep the Nasdaq green in 2015 dream alive... VIX jumped over 17% today - its biggest move since Black Monday High Yield credit cointinues to flash red.. and stocks are slowly figuring it out... Tressury yields collapsed even more than they spiked yesterday... The Dollar gained ground amid EUR and AUD weakness...biggst 3-day USD Index rise in a month Once again the pattern is clear - USD selling pressure during Asia, USD buying (EUR selling) during Europe... Commodities slipped on dollar strength and china growth fears (after ADB)... But crude's utterly insane melt-up intop NYMEX Close (not unusual) is just becoming farcical... Charts: Bloomberg Bonus Chart: Beware The Papal Visit Omen... Bonus Bonus Chart: Thinking out loud - but something broke in "currencies" when China devalued... Bonus Bonus Bonus Chart: Still climbing? I think they got this idea from me pic.twitter.com/1BVfXSpxNR — StockCats (@StockCats) https://twitter.com/StockCats/status/646379846981980161!function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0],p=/^http:/.test(d.location)?'http':'https';if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src=p+"://platform.twitter.com/widgets.js";fjs.parentNode.insertBefore(js,fjs);}}(document,"script","twitter-wjs");