Today feels like a D-economy day with most assets selling off. The daily narrative trying to make sense of the sell-off is pointing to rising concerns about COVID-19. That may well be. However, rising US cases and the potential implications have been building for awhile. Equally plausible is the slowing down of Fed asset purchases and concerns about the next round of stimulus. Alternatively, after rising in 7 out of the last 8 trading sessions, perhaps the Nasdaq 100 was in need of a rest and we'll be right back to blowing bubbles tomorrow.