Mass Market Sell-Off

Mass sell-off continues with huge losses on many asset classes. #Crude tumbles $9 to $99, #Gold and #Silver getting crushed, down $44 & $5

• Obviously the story was the unbelievable selloff across the commodity landscape. We'll get back to that.

• Things were fairly quiet overnight. There was no Japan trading (for the third straight day). China rallied a bit. Most markets didn't do a whole lot while the US was sleeping.

• There was some more bad market data in the UK, but that's a daily occurrence, so nobody really cares.

• But it didn't take for things to get pretty rough. Dovish comments from Jean-Claude Trichet at his press conference sent the Euro instantly plunging against the dollar. Around the same time, all of the anti-dollars hit the skids. Silver just relentlessly fell all day, ultimately sinking to below $35, which means it's off 30% since its recent highs! Oil was even more remarkable, as it also plunged about 10%. Click here for a full guide to the silver market >

• One of the most interesting things of the day was the strong outperformance of equities. Granted, they got smoked, but in the end, it really wasn't that bad at all. The NASDAQ lost just half a percent, thanks to really strong action in tech.

• On the corporate front it was fairly quiet. GM came out with earnings that disappointed the market.

• The big theme of the day: The QE trade died. Buying every commodity and currency that's not the dollar didn't work, and for many people, their losses on these trades will have been massively demolished

DOW	12584.20	-139.41 (-1.10%)
S&P 500	1335.10	-12.22 (-0.91%)
NASDAQ	2814.72	-13.51 (-0.48%)