Futures are down sharply this morning and barring a big rally during the day, markets will close at the low for the month. Here is what economist Nouriel Roubini said yesterday, “The lesson is you take even a small Argentina that has a sharp currency movement at a time when the data of China are softer and there is political risk coming from Turkey, Thailand, Ukraine, and then you end up in a mini-perfect storm. Suddenly, not only emerging-market currencies or fixed-income or equities are under pressure, but then the transmission of contagion has been also to European and U.S. equities.”

Right now in pre-market (at 9:06 am) the SPY is at 176.90, down 1.3%. The low for the month is 176.88.