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A Stunned Wall Street Reacts To Today's Epic Move

The first report summarizing today's stunning market action comes from FBN's Jeremy Klein, who is out with this blurb:

In the first 15 minutes of trading the S&P 500 E-Minis traded below the S&P 500 cash index despite a fair basis, according to Bloomberg, of -6.72.  This is unheard of and something I have never witnessed in my near fourteen year career on the StreetI can only conclude that many large institutions threw in the towel on the Open in wake of the dislocations in not only stocks but also treasuries. 

As a result of the whiplash, Klein, who just over a month ago first, and so far only, called for a bearish correction, has turned bullish again because he now expects "a likely positive Fed meeting on October 29 to help fuel a Santa Claus rally." So, QE4 then?