Update per commentary feedback: time to rebrand the Black Swan to The Black Loch Ness Monster.
For today's chart of the day we once again look to Bloomberg, which has compiled a fascinating dataset looking at the frequency of 4 sigma+ events in the S&P500 since 1951. The trend is unmistakable, as is that the cumulative total now looks glaringly like a swan itself (paging William Banzai). What is also glaringly obvious is that all those claiming central planning under a monetary authority leads to market stability need to have their head examined: what the central bankers of the world do is merely push back ever more disastrous events into the future. Sorry: physics can not be circumvented with a printer, and a crash deferred today, is double the crash that can not be deferred tomorrow. Yet for all their brain power, all those Hewlett Packard fans in the Marriner Eccles building still can not comprehend this one so simple fact.