This mural in Poland encapsulates the global markets today. It’s
raining pouring on the risk-on trade.
The markets were hit by a hat-trick of three Macro Swans coming home to roost — fears of: 1) China hard landing; 2) Eurozone bank and debt collapse; and 3) the U.S. economy rolling over. The S&P500 closed below its 200-day moving average for the first time this year.
Capitulation is coming. Stay tuned.
(click here if picture is not observable)