Market Bloodbath, "Happy Birthday Mr. President" Edition
The Dow is down more than 500. The S&P is down 60. The VIX surges 35% to 32 the highest since June 2010. Implied correlation surges to the highest since last summer. ES volume surges to the highest since the flash crash. Europe is opening in 12 hours. Margin debt is near record high levels, and mutual funds have record low cash. Liquidations galore. Did we miss anything?
Cross asset Correlation: more or less 1.000
Oh yes. Happy birthday Mr President
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