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The game is over. The trend has changed. And the Fed knows it. The question is: What will it do about it? Roll-over or fight? But will it matter much if it fights? Janet Yellen clearly lost the crowd this week as “accommodative” was met with a resounding SELL as confidence has been shaken. Her job is now to win back confidence. Whether she can or not is now largely determined how the binary set-up we face here plays out. Bottom line: Bulls need a 1998 like repeat to save this year. How did the Fed manage the big correction in the Fall of 1998: It cut rates of course...Well, good luck with that this year.

Greece went to the polls on Sunday with a choice that really wasn't a choice and even as Alexis Tsipras looks set to prevail the most shocking electoral outcome is this: neo-Nazi Golden Dawn is set to come in third and garnered the most support of any party among Greece's unemployed.

China is looking more and more like good ol' United States...

Normally when the world needs an equity market boost, a broken market suffices to slam VIX and save the world. This time not so much.. and the carnage that this will cause into quad witch is frightening...

Just hours ago, we asked if the Fed's unofficial media mouthpiece had leaked the Fed decision. Sure enough...

A powerful earthquake strikes off the coast of Chile. The quake, originally measured at 7.2, has reportedly been upgraded to 8.3.

If anyone wants to beat Trump in his own game, they will have to show and prove to the voters of America, that the existing system not only still works, but is worth saving in its current broken form. This is the biggest challenge to everyone - on the right, on the left and in the middle - even if nobody wants to admit it.

In a dramatic show of faux generosity, staple CNBC commentator and billionaires, Saudi Prince Alwaleed bin Talal who several years ago sued Forbes for "underestimating" his net worth at "only" $20 billion (Forbes won) decided to show the world just how noble (and rich) he is. According to Arabian Business, Alwaleed Philanthropies, chaired by Prince Alwaleed bin Talal, has given out "10,000 housing units and 10,000 cars to Saudi citizens who are eligible as per the criteria set by the organisation."

2 Year Treasury yields have jumped 4.5bps today, breaking to 77.4bps - the highest since April 2011 as it appears (despite the 30% odds of a rate hike priced into the ED curve) Fed jawboning is creating front-end selling (in the face of weak data). Notably this is the same level that 2Y rates traded at in Dec 2008 after the initial tumble post-Lehman.

This Saturday, during a conference at the Muslim Salon in Pontoise near Paris on the role of Muslim women, two Muslim fundamentalist imams were debating the question of "whether wives should be beaten or not", Telegraph reports that two Femen protester activists, aged 25 and 31, "ripped off their Arab-style cloaks and jumped on to the stage on Saturday evening. One had the slogan “No one subjugates me” inked across her torso. The other bore the words “I am my own prophet."

The world is becoming increasingly chaotic and the American people are seeking a leader who can bring order, make tough decisions, and capture the zeitgeist of this moment in history. They are in search of a prophet generation (Boomer) Grey Champion, whose arrival marks the moment of darkness, adversity and peril as the Fourth Turning careens towards its climax. The Grey Champion doesn’t necessarily have to be a good person, but they must lead and display tremendous confidence in their cause and path. Franklin, Lincoln, and FDR have many detractors, but during their Fourth Turnings, they most certainly led, casting aside obstacles (sometimes illegally) and enduring dark days and bleak prospects for success. Is there someone of that stature ready to lead the American people now?

As if the drought was not disheartening enough, wildfires are now raging across many parts of northen and southern California focing Governor Jerry Brown to call a state of emergency. Nowhere is the crisis more evident than in NorCal's Lake County where, as The LA Times reports, the untamed wildfire forced chaotic evacuations, is consuming hundreds of homes and businesses, and has outrun the efforts of a growing army of firefighters to corral it. However, as the following clip shows, one car-driver ran the gauntlet and managed to outrun "the worst tragedy Lake County has ever seen," in a scene right out of a disaster movie.