•  The ASX 200 fell 123 points to 6838 (-1.8%) as the correction becomes official. After a promising start the market got whacked from the twin forces of rising 10-year yields above 2% and the US futures turning down on the Fed press conference fall out. The taper tantrum is alive and well. From a 60 rally to a 160 fall today, it was once again vicious as sellers ambushed the market with the Big Bank Basket falling modestly to $168.26 (-0.9%) and other financials also under pressure. MQG off 3.1% and NWL down 4.2%. Healthcare was put into ICU today as CSL tumbled 3.5%. The SPP closes 7th February and has a discount to VWAP option which is now looking interesting. SHL fell 2.1% and RMD off 3.9%. 
• Industrials across the board felt the brunt of the selling, WES down 3.7%, TCL down 4.0% as bond yields rose above 2%, TLS down 1.3% and REITs in a hole, GMG off 3.7%. Even boring consumer staples struggled, COL down 3.1% and WOW falling 2.1%. Tech under serious pressure as WTC fell 9.9% and SQ2 continued to fall down another 5.4% with the Index down 5.1%. In resources, iron ore majors held up, BHP up 1.4% and RIO up 2.1% but gold miners not so lucky getting smashed with EVN down 11.3% and NST off 8.2%. Looks a little overdone considering the bullion move. It is sell first ask questions later. Quarterlies didn’t help matters. Lithium stocks remain depressed, PLS down 2.8% and MIN off 5.6%. 
• Energy stocks a rare patch of green with STO up 3.6% and WPL better by 2.5% despite a Myanmar withdrawal and a $300m write off. 
• In corporate news, PMV updated the market on its success in ‘Smiggling’ the world  up 2.1% and KGN revealed it was having a tough time making money. Again down 12.3%. GMA got a boost from renewing its CBA contract for mortgage insurance, rising 13.8%. That might come in handy if rates rise. HPG became LoPages after a quarterly update sent the shares down 16.0% and PLT lived up to its name on a positive quarterly up 8.3%. On the economic front, NZ inflation growing at fastest rates in 31 years. Asian markets down heavily. 10 year yields up to 2.02% 

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