We saw some of the biggest moves in commodities ever today. Silver down 12%, oil down almost 10%. These moves have totally wiped out some over leveraged hedge funds today. The one asset still disclocated from the reality is the equities market. Adjusted for the Usd, Spx is almost flat, since the nominal high reached some days ago. While everybody still believes Ben is buying equities futures, all is fine in the equities space, but let u s see if things “spill over” to equities. If selling starts into equities, last reports from NYSE, show that margin and net leverage in the stock market are at almost all time highs. Selling in equities, will for sure trigger a similar round of margin calls, as we have seen in commodities.