The Last Con Job

The 2008 meltdown 2.0 is on schedule...

The Dow is outperforming the S&P. Why?

Because Tech (growth) is having its worst month since:

Speaking of 2008, the trade deficit for September just widened again, to the widest since July 2008. (Fed data shown below is through August):

The cult of self-interest is ending very, very badly. Sadly, today's morally challenged sheeple no longer trust anyone who can be trusted. Their fate lies in the hands of degenerate frat boys evidencing the morality of a 12-year-old crack addict. I suggest not one of them will be laughing when this is over...

Remember this from a few months ago? Well that was the sowing and now is the reaping:

"The controversial rule requiring advisers to act in their clients’ best interests when it comes to managing retirement accounts is officially dead."

The U.S. rule was would have been weaker than what other developed countries have in place to protect investors"

In other words, the U.S. rule which was killed, was less stringent than developed country rules. But Banana Republicans fought for no rule:

In other words, being honest is now considered "Socialism". That is if you're a corrupt fucking degenerate with the IQ of a gopher.

Getting back to the casino, today's carnage was deep but not enough to generate any panic in stoned zombies. The gleeful bounding into the abyss continues.

First off, the market is now negative on the year. Meaning $1 trillion of stolen money down the shit hole.

Another key support level broken. Decisively. On 2x average volume.

Financials are getting annihilated. De-regulated corruption notwithstanding: 

Today, big cap Tech broke the 200 day, decisively

As a point of reference, when the bubble burst in Y2K, the initial leg down was -36%. A decline of that magnitude now would erase the past two years' rally:

Small cap growth down -4% today. No panic. 

Yet

Transports

Deja Vu

Stock buybacks are no longer "achieving"

Biotech is down -10% on the week:

Hedge funds are getting decimated:

Human history's largest and entirely borrowed $700 billion defense budget is "priced in". More money down the shit hole.

Head and shoulders top:

Finally, I would point out that the Dow still has a long ways to fall to get to oversold relative to prior bottoms. See RSI top pane:

The Fiduciary Rule would have required financial advisors to tell their clients when they're getting shafted again.

Alternatively, they will learn a better lesson this time around.