Don Kaufman here. 

Listen up, because while you were all celebrating that cute little pre-market bounce this morning, I was watching the warning signs that nobody wanted to see.

Holy crap, did this afternoon deliver or what? 

Zions down 12%. Western Alliance tanking 10%. And then Jamie Dimon drops the hammer with his "one cockroach" comment that had every banking stock diving for cover.

But here's the thing - if you were listening this morning, none of this should have surprised you.

At 9:30 AM, the S&Ps were up 21 handles and everyone was feeling frisky. The advanced decline line was screaming bullish. Tech was holding up. Everything looked peachy, right?

Wrong.

I told you this morning: "Nothing that you think matters, matters. It just doesn't."

While everyone was buying that dip, I was looking at something else entirely.