Without any particular catalyst, equity markets have been selling off pretty much all night long. The ES and NQ initially had a nice big pop higher (based, I suppose, on typical New Year’s optimism, which is normally sadly misguided) but went on to shed the equivalent of about 800 Dow points. We’re partly on the rebound as of this writing, but it could turn out to be a nice start for the bears on this first trading day of the year.
