Today was an important day in the markets, potentially foretelling a likely near-term stabilization:

1) interest rates (yields) dropped – despite a higher than expected CPI report

2) USD (DXY) index was for most of the day

3) a few important Emerging Markets Equities started digging out of the rubble: Brazil, China, Mexico

The relentless sell-off in Technology and continued outperformance of Energy was a continuation of the trend that would define this cycle.

Today was an important day in the markets, potentially foretelling a likely near-term stabilization:

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