Something changed...

Futures were weaker overnight but dumped at the cash open...

As the collapse in HY credit accelerated... worst day for HYG in 3 months

HYG is now negative year-to-date...

With spreads crashing back above 400bps...

VIX is starting to catch up to credit...

Equity markets are down at the open for the 7th straight day... Trannies (blue) and Small Caps (dark red) are the worst performers but Nasdaq (green) is plunging today...

It seems like the Saudi debacle broke something...

Or is this why?

Did the buyer of first and last resort just disappear?