from Zero Hedge:
While it is still early in the overnight session, initial indications are for a full spectrum Risk Off market. In fact, S&P 500 futures (ES) have not fallen this fast over a two- or three-day period since the third week of November last year. As many may remember – a few days of drops like this took ES from 1260 to 1136 in a week but more importantly was followed very quickly by a massive and coordinated Central Bank intervention that ripped ES over 6% higher in an overnight session – sparking the entire rally of the last six months as it appeared the central bank put strike had been dragged higher. Admittedly the two-day fall so far (while the largest in almost six months) is still small in context, it would appear the world is waking up to the true event risks of a debt-saturated fiat system going through its death throes. Back of the envelope would suggest we need to drop to 1285 or so on the S&P before the same kind of hit-the-big-red-central-bank-panic-button kind of move comes into play. Sure enough, Gold is only very modestly lower (-$3 at $1640) so far in the face of a rip higher in USD and broad liquidation everywhere else – perhaps the patience of sound money will be paid off once again.