The Dow Jones Industrial Average fell 17% over this week's trading in its worst performance since October 2008. This leaves it down 35.2 percent over last month's peak. The S&P 500 is similarly down 32.1 percent over last month's high.
Signs of systemic failure amid the volatility is becoming evident as the Chicago Mercantile Exchange made an emergency intervention to auction off the portfolio of Ronin Capital after the clearing firm failed to keep up with capital requirements amid market volatility.
Bleeding on US trading floors began in earnest last month shortly after reaching all time highs on cheap USD printed through quiet Federal Reserve "quantitative easing" measures in an attempt to keep chaos in repurchase agreement markets from bringing this pain last fall. Despite current market enthusiasm for the US dollar, the inevitable "stimulus" measures to come are likely to still further weaken that troubled currency.