Pre-market note

U.S. equity futures are tanking this morning on poor earnings and economic data. Europe is getting hammered while Asia was mixed overnight, although China was off across the board. Dollar rallying, bonds rallying, commodities selling off.

VIX up 12.74%… at 42.57

US retail sales, US industrial production and the NY State Manuf Index (all time low) all plunging.

At some point this market will exit the hope phase and begin discounting the reality that 17 times ttm earnings and 2x ttm sales on SPX amid present economic reality is utterly ludicrous…

vix = S&P 500 volatility index
ttm = trailing 12 months
spx = S&P 500 Index


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