Yesterday, the S&P and Nasdaq bounced hard off the pre-payrolls level from Aug 1st. From the moment US cash equity markets closed yesterday, stocks have been dropping back. But now, thanks to this: •SIKORSKI: RUSSIAN UNITS POISED TO PRESSURE OR INVADE UKRAINE •SIKORSKI: RUSSIAN INCURSION WOULD BE HUGE ESCALATION OF CRISIS •SIKORSKI WARNS RUSSIA ON IMPACT OF CONVENTIONAL WAR IN EUROPE The Dow, S&P and now Nasdaq have tumbled below yesterday's lows, eradicating all the post-payrolls gains in stocks. Treasury yields are tumbling (5bps off highs). All payrolls gains gone... (full story)