One of my favorite old bromides of the market is: The only thing that goes up in a panic is correlation. Bespoke ran an article earlier this week demonstrating how correlation between sectors has been rising since July. They have an interesting post and two other tables I have not reproduced that are worth reading.
I believe two factors are responsible for the rising correlations: first is the declining market with its frequent panicky days, and the other is the rise of ETF funds and the associated quantitative arbitrage.
Note: The tables can be read more easily from the Bespoke site.
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