The US equity indexes took another big dive today. They're now flirting with February's lows. Nearly all of the gains from 2018 have been wiped out.

Maybe they get rescued from here with an 11th hour Santa Claus rally. Who knows?

But what I do know is that until and unless the central banks reverse course and resuming printing up a boatload of new 'thin air' money, asset prices are going to continue falling.

At this point such a reversal doesn't seem likely in the near term. So: Watch out below!

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