The average stock listed on the NYSE is down over 34% off its highs.
The new 52-week highs list peaked in February of last year - that was over 15 months ago!
We've now seen more stocks hitting new lows than new highs for the most consecutive weeks since the Great Financial Crisis.
The Technology, Communications and Consumer Discretionary sectors combined make up almost half of the stocks in the entire S&P500. They're each now down 26%, 33% and 35%, respectively.
In fact, almost half the stocks on the Nasdaq have seen their prices get cut in half.
And people keep asking me if we're going into a bear market?
What the hell do you call that?
If you define all that as a bull market, then I think you need to check yourself into a mental hospital.
From the desk of Steven Strazza @Sstrazza and Grant Hawkridge @granthawkridge
Defense wins championships.
It’s important to remind ourselves of this as risk continues to come off the table.
The largest stocks in the world are losing critical support levels, and even the leaders are coming under pressure. Bonds are catching a defensive bid, credit spreads are as wide as they’ve been in years, and investors are fleeing to the dollar for safety.
Meanwhile, the classic risk barometer – the AUD/JPY – is breaking to fresh lows.