An earlier version of this column inaccurately described a prediction by Jim Rogers. The column has been corrected.

Now that the Fed has finally started to peel off the quantitative-tightening Band-Aid, things should start getting back to normal.

That's a good one, given no one really knows what normal is these days. A pullback from the record highs of yesterday looks to be in store, and gold bugs should cover their eyes, because the market has been playing catchup to Fed rate-hike hints.

We’re diving right into our call of the day, which comes from Jim Rogers. In a sweeping interview with RealVision TV, the veteran investor warns another bear market is coming, and that it will be “horrendous, the worst.” Speaking to his interviewee, who came into the markets in 1986, he said that pullback would be “the worst in your lifetime, in your financial experience.”

It’s the level of debt across global economies that will be to blame, he says.

And retail investors who have been piling into exchange-traded funds will be particularly vulnerable to that next big mauling. For those ETF owners — who are all in on easy S&P plays right now — here’s his message:

“When we have the bear market, a lot of people are going to find that, ‘Oh my God, I own an ETF, and they collapsed. It went down more than anything else.’ And the reason it will go down more than anything else is because that’s what everybody owns,” he says.

Like others, the chairman of Rogers Holdings is worried about bond and stock valuations right now, and about breadth in the market — that is, the number of stocks moving higher versus those heading the other way.

But within this disaster in the making, he sees one opportunity.

“If somebody can just take the time to focus on the stocks that are not in the ETFs, there must be fabulous opportunities in those stocks because they’re ignored,” he says. “Some of them have got to be doing very, very well. And nobody’s buying them, because only the ETFs buy stocks.”

What does Rogers like? Overlooked and hated markets — agriculture and Russian stocks — and he remains a fan of Chinese stocks. The Singapore-based investor owns gold, but says the metal isn't hated enough to buy right now and it’s going to get “very, very, very overpriced” before the current run is over.

It’s a fascinating interview, chock-full of advice. Check it out on Real Vision here.

Final note here, if you were paying attention, you would have heard Rogers‘s prior warnings about dire collapses and crashes over the summer. Here’s another look at some of his crash predictions.

The chart

A big mover today is gold US:GCZ7 , which is selling at a pretty steady clip after the Fed’s rate-hike hint. Silver is getting hit even harder US:SIZ7 .

“What is more, it has fallen below the technically important 200-day moving average, which could spark technical follow-up selling and exacerbate the price slide,” say Commerzbank analysts in a note. Here’s their chart:

Key market gauges

Down day for stocks is building, with the Dow US:DJIA , S&P US:SPX and Nasdaq US:COMP off. In Asia XX:ADOW, the Nikkei JP:NIK pushed ahead, lifted in part by a Bank of Japan statement and a yen that kept falling against the dollar US:USDJPY. Europe stocks XX:SXXP are stepping higher. Oil US:CLZ7 is off.

Bitcoin US:BTCUSD is trading just over $3,800.

See Market Snapshot for more.

Don’t miss: YouTube channels for investors to watch now

The buzz

Calgon Carbon US:CCC is up nearly 60% in premarket on news the maker of air- and water-purification products will be bought by Japan’s Kuraray JP:3405 in a $1.1 billion deal.

Alphabet’s Google US:GOOGL is buying part of HTC’s smartphone unit for $1 billion.

Watch Ash Grove Cement US:ASHG after Irish building materials group CRH US:CRH UK:CRH said it would buy the U.S. cement provider in a deal valuing it at $3.5 billion.

AMD US:AMD soaring on a report Tesla US:TSLA is working with the chipmaker.

Hackers were making their way around Equifax’s US:EFX network for nearly four months before the security team caught wind of it, says FireEye US:FEYE , which was hired to probe the breach.

Meanwhile, the SEC says hackers got into its Edgar system in 2016, getting access to insider information they may have profitably used in illegal trades.

As for data updates, weekly jobless claims subsided owing to a smaller-than-expected rise in hurricane-hit Florida. The Philly Fed manufacturing index picked up the pace in September. Leading indicators are coming at 10 a.m. Eastern.

The stat

14.31 inches — That’s the amount of rainfall a single gauge in Hurricane Maria-battered Caguas, Puerto Rico, measured in just one hour.

That could be a new world record, says meteorologist Eric Holthaus, who has more where that came from on Twitter:

As for Hurricane Maria, the Dominican Republic is bracing:

Random reads

Jimmy Kimmel brings it as he responds to Sen. Bill Cassidy’s claim that “he does not understand” the Republican bid to overhaul Obamacare.

A ray of hope for Mexico as a child is found alive in quake-crushed school

North Korea’s first response to POTUS’s U.N. speech: “the sound of a barking dog” .

The extreme weather we’ve had so far this year is bad news for wine.

MarketWatch chats with Jessica Chastain about “Woman Walks Ahead.”

A parasite worm got into this unlucky teen’s eyeball.

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