Just because...

The epicenter of today's earthquake was Biotech and Corporate Bonds...

Biotechs were bloodbath'd - IBB dropped almost 8% today alone - the biggest drop since August 2011 - testing back to Black Monday lows and now unchanged since October 2014...

This is the longest losing streak for Biotechs since Lehman

Investors should not worry though...

IBB Update pic.twitter.com/S6jQOysMiW

— Stalingrad & Poorski (@Stalingrad_Poor) September 28, 2015

 High yield bond prices have fallen for 12 of the last 13 days and today's decline was the biggest daily drop since Nov 2011, breaking towards Nov 2011 spike lows...

In context - this means HYG is unchanged since Lehman!!

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All the major US Equity Indices are at or below Black Monday Lows...

Some context in The Dow futures...

So what did the major equity indices do?

Cash indices show Small Caps and Nasdaq were the biggest losers...

With everything now red post-QE3...

Financials dropped 2% on the day (with homebuilders, materials, energy and healthcare all battered)...

More worryingly, US financials made new 2015 lows (below Black Monday lows) as they continue to catch down to credit risk (as Glancore counterparty risks rise)...

There were some other total collapses in stocks that are widely held by hedge funds today...

SUNE crashed another 17% to 2 year lows... (breaking the Black Monday Lows)

Not so valiant Valeant after getting a pricing subpoena...

And of course - Glencore...

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Treasury yields started the day off higher but as data, and fed speak hit along with US Open selling pressure, safe-haven flows flooded into equities... 30Y -9bps is the biggest absolute drop since early July... NOTE: 2s30s has flattened to 4 week lows

High yield bond spreads crashed wider today (after the CDX roll) - this was the worst day in at least a year for CDX HY...

as Energy credit risk spiked to near record highs...

The USDollar was sold after the US Open - having been bid through the Asia, European day...

Commodities were mugged all day as we suspect commodity group liquidations and counterparty risk reductions weighed on the whole complex...

Silver had its worst day in a month...6 waterfalls...

Charts: Bloomberg

Bonus Chart: All The FedSpeak has confused markets even more with 2015 rate hike odds now at record lows...

Bonus Bonus Chart: It's all priced in...