While it appears the market's demise is being pinned on President Trump's trade-wars turmoil, we humbly suggest there are more than a few other reasons why stocks are behaving badly this week...

Dow is down 1400 points since Powell's hawkish comments on Tuesday...

Followed by terrible macro data Wednesday and month-end deleveraging pain for RPs. While Fed's Powell started dovishly on Thursday, he reverted to hawkish fears about inflation and then Fed's Dudley piled on with comments about four rate-hikes still being gradual...

And then Trump confirmed the trade tariffs... which then saw stocks rebound dramatically into the close.

Overnight BoJ's Kuroda spooked stocks with chatter of ending QE at some point in the future...

And then Trump tweeted and sparked another leg down.

So... who is to blame? Take your pick.