Update: just when it seemed that a BTFDer had emerged, even more focused selling took ES to new lows, and as of moments ago ES was down as low as 1913, down a whopping 58 points, and officially in 10% correction territory. Also, we are now down to about 50 points from limit down.
from Zero Hedge:
Moments ago, without any specific catalyst, US equity futures just plunged when in thin, illiquid tape, a seller took out about 30 consecutive bid levels and as of last check, the ES was down as much as -48 to just 1923, or 2.5%, after being down a modest -13 minutes ago.
It is unclear just what is going on, or whether some prop desk or hedge fund just got tapped out, and/or how the Fed will react but the last time we had action like this, the Fed confused a liquidating SocGen trader for an economic collapse, and cut rates by 75 bps in January of 2008. This time it does not have that luxury.
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