This is what happens when the market prices in $1+ trillion in loose money from the Chairman, and gets a sharp stick in the eye instead.
The VWAP algo attractor comes through in the clutch:
Curve inversion has begun:
Stocks plunge, commodities collapse, Morgan Stanley refutes facts presented by a fringe blog, gold and precious metals are liquidated as margin calls explode, dollar soars as every bank in Europe scrambles to get its hands on every Benjamin it can get, Treasurys surge to never before seen prices even as CDS of the underlying countries soars, and the DJIA posts the third biggest weekly drop in history (and the week is not even over yet)...
...And beneath it is all is the creeping realization that the Fed's most recent global bailout action with the ECB, the SNB, the BOJ and the BOE does not start for another 20 days, or October 12, 2011. That's right: three weeks in which there is nothing in place to provide the much critical trillions of dollar that every bank in the world so desperately needs. We wish Europe all the best in pretending for 20 days that it can survive on its own, even as Greece is about to become the riotcam's favorite destination once again.
... Oh yes, and Goldman is about to announce it was just stopped out on its 1.55 EURUSD "tactical" trade.