No trades to report, but I thought it would be helpful to explain why.
Below is a chart comparing the price action in SPY over the past 6 months, to an analogous series over 12 months leading into September 2008, only sampled every two days so that they line up (things go twice as fast now don't they?).
In short, today feels very much like late September 2008 to me.
The CPI report on Friday was perhaps the trigger that might cause the collapse, but I think the underlying cause is crypto this time.
My thesis is that the high cost of energy is killing energy intensive Bitcoin, and with lots of leverage in that space, we're getting some margin calls now. This could mean a vicious cycle of selling so I don't want to step in front of that.