Hedge Funds Increase Shorts In UK Pound and Swiss Franc

While we watch investors all around the world selling their long equity holdings, the markets seem poised to achieve the illusive 'correction' that has been predicted and hotly anticipated in many analyst reports and hedge fund missives. S&P 500 is down 1.26 percent today, the largest detraction seen in recent weeks.

The correction is a step in the natural course of events in bull markets, and perhaps a kind of karma for over zealous, fundamentals-defying stock markets. Ever since Bernanke did not rule out QE taper in his testimony, many market habits have reversed course. S&P 500 has been experiencing discernible sell offs...