Harry.

Just keep listening to all the people telling you that these days are “opportunities,” ok? That’s what this is. This is an “opportunity”. Just like Monday was an “opportunity”. And just like last Friday was an “opportunity”.

Got that? Call your local broker or maybe ask the folks on Twitter. “Believe me.”

 

Come on, Harry! “I’m advising all my clients to get in on this, and get in heavy!” 

 

And look, some of you are listening because by God, you’re still piling into what amounts to the same damn short vol. vehicle that blew up on Monday. Here, look what you’re doing:

Remember:

"if I liked it at $140 last week, I love it at $10.50 right now. it's called dollar-cost averaging, ok?"

— Heisenberg Report (@heisenbergrpt) February 8, 2018

Thursday was a fucking bloodbath. Period. Everything was for shit. The S&P is now down 10% from its January 26 peak. Translation: this is not a drill, dammit.

This is what “you might be fucked” looks like:

This was the second time this week that the major averages have fallen ~4% in a single day:

And the second time this week that the Dow has plunged 1,000 points or more (let that sink in):

The VIX was back to 34:

HY spreads blowing out:

IG spreads blowing out:

The bond selloff is looking like it wants to get worse although 10Y yields topped out at 2.88, after what was looking, there for a minute, like it might get really ugly.

GBPUSD surged on a hawkish BOE, but gave it back (and by the way, that hawkish BOE message seemed to underscore the notion that central banks aren’t yet ready to step in to rescue you):

Dudley’s not gonna help you right now:

New York Federal Reserve president William Dudley says the market moves this week are 'small potatoes' https://t.co/cDSKxOzhlM pic.twitter.com/8r5a0z4Y7z

— Bloomberg Economics (@economics) February 8, 2018

So I guess I was wrong:

don't worry everybody, Bill Dudley is coming up on BBG TV in 10 minutes.

— Heisenberg Report (@heisenbergrpt) February 8, 2018

Europe was monkeyhammered lower after Wednesday’s rally:

European tech shares were hit especially hard:

The VStoxx is right back to its highest levels since Brexit after falling on Wednesday:

The SHCOMP looks like it’s going into a goddamn death spiral, having fallen for three consecutive days to its lowest level since August:

Thursday’s losses came after the latest trade data from the world’s engine of global growth came in surprisingly narrow, exacerbating pressure on the yuan which plunged the most since the 2015 deval.

Emerging market shares are getting pummeled and the CBOE Emerging Markets ETF Volatility Index is surging:

Oh, and everyone’s favorite EM debt fund has fallen to its lowest since last summer:

For your moment of zen, here’s Trump reminding you that you can always pray. And if you’re long (or inexplicably short vol.) we recommend you do just that…

Our founders invoked our Creator four times in the Declaration of Independence. Our currency declares “IN GOD WE TRUST.” And we place our hands on our hearts as we recite the Pledge of Allegiance and proclaim that we are “One Nation Under God.” #NationalPrayerBreakfast pic.twitter.com/zukP40Ezpo

— Donald J. Trump (@realDonaldTrump) February 8, 2018