Jim Cramer’s calling it “the worst day of the year”—oil and a hedge fund blowup, a double whammy. This guy’s a contrarian indicator, and though he’s late, he always shows up. When he panics, we’re often not far from a short-term bottom. But the macro fallout is real: a spike in oil prices sends inflation expectations soaring, rate cuts look even less likely, and risk assets get hammered across the board. Don’t rush to buy the dip—wait until he’s done crying on TV.

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