A parade of familiar but scary factors marched through markets this week as the bond vigilantes, tariff headlines, and escalation of military aggression in the Middle East all combined to take markets down late in the week. This is a continuation of last week’s selloff, and we are now a decent bit off the highs across the board. Correlation within the indices is at multi-decade lows as semis, MAG7, software, and consumer staples all trade like they are on different planets. The theory that the market is just a huge index being pushed up by passive flows has taken a severe hit this year as the entire story is about ... (full story)