Risk aversion has once against overrun the markets; but the current situation is different than what we were seeing back in July / August. While that tumble covered remarkable ground; it would be more appropriately labeled a technical break. What we are seeing now is more fundamentally rooted. And, what makes it much more extraordinary (dangerous) is that extreme emotions are creeping in at the same time that we are testing the boundaries of stimulus and moral hazard. For the dollar, these are ideal conditions.