Fed, China, Tapering...Here Comes the RISK

—risk and movement week well inside expected
—volatility update
—we have yet to scrape the surface of risk

—Retail options traders panic sell
—liquidating calls in key stock driving markets lower
—AAPL, FB, MSFT

—asset classes and correlation
—bonds down, rates up, goodnight tech

Tech Players from last week driving today’ selling—
-NVDA
-GOOGL
-MSFT
-FB

SPX Expected Move--
--last week EM-- 115.27
--next week--  95.29    expected move