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JP Morgan's top market guru just identified a chilling pattern in the stock market

This is an ugly chart. (REUTERS/Lucas Jackson)

Stocks have been getting slammed on Thursday afternoon.

Near 1:30 p.m. ET, the tech-heavy Nasdaq (^IXIC) was down as much as 1.2%, while the S&P 500 (^GSPC) and Dow (^DJI) — after having traded higher earlier in the session — were moving to their lows of the day.

Volatility as measured by the CBOE’s VIX index (^VIX) was also spiking.

The decline in the market appears to have coincided with the publishing and circulation of a research note from JP Morgan strategist Marko Kolanovic, who among other things noted that the recent decline in stock correlations we’ve seen mirrors action investors saw before big sell-offs in 194 and 2001.

“Over the past year, correlation of stocks and sectors declined at an unprecedented speed and magnitude,” Kolanovic wrote in a note to clients.

“A similar decorrelation occurred on only 2 other occasions over the last 30 years: in 1993 and 2000. Both of those episodes led to subsequent market weakness and an increase in volatility (in 1994, and...