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Last week, we stated to expect a 3/4 point move by the fed and not a 1/2 point. Looks like the fed has now leaked that 3/4 point number. We would be surprised otherwise. Unfortunately, the bond market is laughing even more at the fed as yields soared yesterday by almost that extra 1/4 point….

We think these reminders are quite appropriate at this time. This brutal bear market looks to become more apparent as the S&P closed on its closing low Friday as just about everything has turned down. We suspect you are going to hear a lot about the somewhat dormant VIX real soon as the many recognize…