A 3% Drop Is All It Takes...
A 2.8% drop in stocks is all it takes...
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...to convert sheer near full euphoria into outright panic...
Quite a collapse in confidence for a 'blip' in stocks... (NOTE - this collapse in sentiment is bigger and faster than the plunge in Aug 2015 following China's devaluation and the US flash crash)
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At the same time, the 'plunge' in stocks has hammered BofAML's Global Panic-Euphoria index out of 'Euphoria'...
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On a global basis, put-call ratios signal less euphoria than a month ago, and volatility has risen, taking Global Risk-love indicator from a protracted period in euphoria to barely inside the neutral zone.
With most of CNN's Fear & Greed factors suddenly flashing "Extreme Fear"...
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But there's just one big caveat - almost 40% of the S&P 500 members are now trading below their 200-day moving-averages...
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And that is what years of Central Bank conditioning does for investors' risk appetites.
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