The equity and risk markets are being nicely set up for a waterfall decline.  

Don't act too shocked. We have been here twice before at least in fairly recent memory.

Gold and silver rebounded a bit.  

Silver has actually been doing reasonably well in this 'trade deal' boogie woogie.

Gold is a much more prominent elder brother. But it will be a bulwark in the days to come.

VIX is not at the level of complacency.  

It is hard to say exactly when, and what will specifically get the ball rolling.

What facade will start to crumble, what thin veneer of responsibility will crack, what shocking event may happen.

But it is more probable now because of what has been done.

It will most likely not be the end of it.  

And the economic consequences are nothing compared to what you really have at risk. 

There will be a stock market option expiration on Friday. 

Have a pleasant evening.

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