With so many ill winds blowing, Breslow notes that it makes some sense that traders don't want to be caught out on a limb. Watching today's price action and these, almost, end- of-week levels it all smacks of traders trimming back positions that have been working the last few days. I wouldn't read more into it than that. Other than to note that if asset prices don't go out at any of the extremes we've seen this week, it implies that these latest moves haven't created new themes that investors just can't bear to live without.

Given the noise level we're experiencing and the conflicting headlines buffeting assets and emotions, I get the strong sense that traders would like to put this one in the history books early. Fridays, after a busy week, can go either way. Render traders impervious to the latest whatever, or make them hyper-sensitive. Today feels like it's the former that is the hoped for outcome. Now we'll see if events allow that to happen.