Bad news is definitely bad news today, although this session also reminds me of the last Jobs Day which came in so far below consensus that Wall Street sent Jay Powell a message to make it clear they were going to cut. That session and the following Monday were indictments against policy makers. 

The hissy fits worked as the Bank of Japan trashed the notion of any more rate hikes and members of the Fed also played ball into Jackson Hole.  Manufacturing came in below consensus and has been in contraction for five consecutive months.

Manufacturing production is at the cycle low.

Very little green on screen outside of consumer staples.

We anticipated higher volatility and at least one rough session but expected it to come after several data points had been released.

I would say we have to grin and bear it but it’s more like grimace and bear it.