Who could have seen that coming? The S&P 500 has entirely lost all its "well, stocks just want to go up" gains...

Yes!

What did credit know?

As the entire surge in stocks is retraced on the back of USDJPY plunging...

The Dow is down over 400 points from the highs...

With Trannies leading the charge lower this week...

Led by builders and energy...

As once again, oil's bounce dies...

Charts: Bloomberg