Republic Risk: Bad News is Bad Again (Red)

This jobs report was bad... but manufacturing data is screaming recession.

Equity Storm Watch Is RED on the S&P 500 and RED on the Russell 2000

You wouldn’t know it, but ahead of today’s open, the S&P 500 was up nearly 1% this week after the bell Thursday. 

This is the volatility we warned about in mid-July.

So… Buckle up. Things feel so bad that all the financial news sites are bringing back the “sensitive trader” reaction pictures from downturns in the market. 

This file is legitimately called “Trader Looking 62 Ooof” by Zerohedge.

Yesterday's meltdown extended into Asian markets, with the Nikkei plummeting 5.8%—fueling the worst two-day decline since Black Monday. 

This decline seemingly stemmed from the Bank of Japan's decision on Thursday to raise interest rates by 25 basis points, prompting a staggering $1.2 trillion to flee U.S. markets as investors rapidly unwound positions tied up in Japan's carry trade. 

Now the question becomes: Are we through the worst of it, or are we heading for the dreaded Thursday, Friday, and Monday crash as additional capital come…