Volatility demands discipline

The Dow futures were down to 15964 on the low, that’s 1315 off the record high at 17279, for a 7.6% correction. Missed the 10 percent, so far. The S&P Dec futures bottomed so far, at 1830. 184 handles; That’s 9.1%. I have never seen the bonds up 5 handles. Early on the 830 AM bell, we had that in the 30 year. That spike looked like a liquidation trade. Someone’s risk meter was pegged, and the computers did a GMO order- GET ME OUT. Currently, we are 26 handles off the lows in the S&P. and 100 points off the lows in the Dow. Be Careful. CER

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