Stocks declined sharply today, from their recent lofty heights, on a sudden feeling that we are not destined to enjoy a permanent series of new highs, no matter how outsized, guaranteed by the Fed.

Despite the obvious flight to safety, and new recognition of risk reflected in the VIX and the Dollar, gold and silver were carefully managed, no doubt with respect to the precious metals option expiration on the Comex tomorrow.

Despite all the selling in stocks, marked by a huge gap down on the open, there was remarkably little fear apparent in the trading of the day, and the commentariat in the media. There was more of a sense of resentment that the entitlements our elites to new highs were going to be delayed by some very rude act of nature. Ignore it, and it will simply go away. It is an epidemic of careless indignation born of arrogance.

There will be ups and downs, ebbs and flows as we once again encounter our mortality. We have only just begun to dine on our banquet of consequences.

Have a pleasant evening.

(Click on image to enlarge)

(Click on image to enlarge)

(Click on image to enlarge)

(Click on image to enlarge)

(Click on image to enlarge)

(Click on image to enlarge)

(Click on image to enlarge)

(Click on image to enlarge)

(Click on image to enlarge)