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Futures are trading lower. The market will likely open with a gap lower. Things, if they don’t bounce early could get quite ugly. As I said earlier, sometimes momentum creates its own self-fulfilling prophecy. The market needs to bounce otherwise you may see forced liquidations. That goes for the bond market as well. If rates continue to trade higher…ugly.

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Things are worse [lower] currently. Adding to the risk is China which seems to be having a Lehman moment.

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Shaping up to be an ugly risk off day.

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