So, its below 1,600, not from the decline of oil that I thought it would originate from given the movement in the USD Index (which has gone from 89 to 95). But from mass selling throughout virtually every industry, every sector ex energy. Why isn’t this called a crash even though smaller names are comfortably down 30-50% from their peaks? We’re seeing valuations/prices in smaller names for the first time since 2010/2011. Simple all of the volumes are in the large names. Now what is the outlook going to be for the month of July? Everyone is now expecting a further drop, I think we’ll see a little relief rally should oil not drop in the first week or so. But realise that the month of July is the first time since….2009…that both the Fed and the ECB will be doing Quantitative Tightening, so more volatility to the downside shouldn’t be a surprise.

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