What’s the indicator that this is the bottom? Stocks fell last night as soon as Trump opened his mouth. Stock market has been Wile E Coyote running on air for years, now the market is looking at the ground. America has a government incapable of sensible action. There’s a real possibility that the republic ceases to exist within the year, after Trump tries to delay or invalidate the election (and if you think this is far-fetched, recall that’s what his pal Giuliani tried to do after 9/11, so it’s in their playbook).

There’s non-zero volume and interest in S&P future puts striking at 1000. There’s plenty of potential downside.