Bulls believe this is the last chance to get in, when in fact it was likely the last chance to get out.

As expected, the overnight gap 'n crap began in Asia and accelerated across time zones until it reached the land of "BTFD".

Bulls believe this is the last chance to get in, when in fact it was likely the last chance to get out.

We'll soon find out. pic.twitter.com/EVBJ5IvvO0

— Mac10 (@SuburbanDrone) November 26, 2021

March 2020 global sell-off
1. OPEC fails to cut production
2. Oil prices plummet as a result
3. That pulls down EM currencies
4. EM central banks sell US Treasuries
5. That blows up the basis "carry" trade
6. Fed has to do $1.5 tn in emergency QE
7. It all started with oil prices pic.twitter.com/e2pmcLB3zV

— Robin Brooks (@robin_j_brooks) November 27, 2021

#Germany's #trade prices showing #inflation is not just not #transitory, but still accelerating.#oil shock levels and STILL the #ECB pumps in more money. pic.twitter.com/2BUBJPPk3e

— Cantillon Consulting (@CantillonCH) November 26, 2021

Inflation and deteriorating financial conditions will increase liquidity
risks for weaker emerging market credits? pic.twitter.com/p7j5cmwt0V

— Mo Hossain (@MoHossain) November 26, 2021

👇 https://t.co/pgAJYTqwO3

— Lance Roberts (@LanceRoberts) November 26, 2021

Bitcoin Double Top? Looking like it, for now.https://t.co/RMyPlSOqtI

— New Low Observer (@NewLowObserver) November 26, 2021

Interest Rate Hike Odds Crash On Renewed Covid-19 Concerns

Yesterday, the implied odds of no rate hikes at the June 2022 FOMC meeting were only 17.9%.

Today, the odds the Fed stands pat are 46.3%.https://t.co/dC39gBlcBk

— Mike "Mish" Shedlock (@MishGEA) November 26, 2021