This mural in Poland encapsulates the global markets today.  It’s raining pouring on the risk-on trade.

The markets were hit by a hat-trick of three Macro Swans coming home to roost — fears of: 1) China hard landing;  2)  Eurozone bank and debt collapse; and 3)  the U.S. economy rolling over.  The S&P500 closed below its 200-day moving average for the first time this year.

Capitulation is coming.  Stay tuned.

(click here if picture is not observable)