Seriously just stop focusing on the equity markets. The action is all on the bond side of things.

First, the big muni ETF MUB is taking another huge leg down today

Meanwhile, check out the scene at PIMCO, whose flagship total return fund fell nearly 1% yesterday (it will be whacked again today, when it prices), and is now at levels in early August. Beautifully it topped on November 4, the day after QE was announced.

See why the expiration of Build America Bonds is the next black swan >