No Man Can Eat Fifty Eggs

With the broad market sell-off still playing out today, one has to wonder when panic and fear will start to set in. Bounces have been tepid, not just today but in recent weeks by and large. And the VIX has yet to see anything close to a fearful spike higher. 

Underwater longs seem to be hell-bent on seeing just how much pain they can take, not unlike Paul Newman eating those eggs in Cool Hand Luke (1967). To be sure, it is unlikely we have seen much retail panic, even as large institutions appear to be unloading inventory on a daily basis. 

It is also worth noting that the carnage is categorically not contained to a few cherry-picked names like CHK or DB. 

Goldman Sachs, for example, looks an awful lot like the Dow of the 1929-1942 bear market on the multi-year chart, below, with a confirmed head and shoulders top playing out further today. 

I will discuss those topics and plenty more for Members in my usual Midday Video.