Short-Circuiting – It’s never a good sign when everyone is brushing upon the circuit-breaker rules pre-mkt. US indices were open for ~4 minutes before the halts came into play. It was the first time they’ve been triggered since Dec, 2008. When the defensive sector are yielding losses of 4-5%, you know things have gone really sour. 4 different sectors are currently seeing DOUBLE-DIGIT losses. We did see some brief bargain-hunting in travel-related names and the oils; BRIEF. About that…