So this is what an old fashioned panic feels like. I think this is the beginning of the plunge that will take us to near 9000 on the Dow within a few weeks. But that won’t be the end. I’ll consider the possibility once we’re under 4000 or 2 ounces of gold per Dow unit, at least 2 years from now. Anyone who is unsure about their stock holdings should get out immediately. I don’t care how big and “defensive” a stock is, all equities are going down.

Click for sharper view. Source: Bloomberg

The Fed can’t hold at 2% if T-bills stay this low for long. Watch for a surprise cut.