I should say that not all defy the current orthodoxy. Any company banking on China is experiencing horrendous breakdowns, most obviously Peabody (BTU), which famously last week predicted continued, sustainable, strong growth in China, and Freeport McMoRan (FCX), a total copper-China play by its own admittance, and anything to do with integrated oil.

I should say that not all defy the current orthodoxy. Any company banking on China is experiencing horrendous breakdowns, most obviously Peabody (BTU), which famously last week predicted continued, sustainable, strong growth in China, and Freeport McMoRan (FCX), a total copper-China play by its own admittance, and anything to do with integrated oil.

These charts are simply awful and painful. The same goes for Joy Global (JOYG), which seems to be hanging by a thread.

The oils are awful, with Exxon Mobil (XOM) and Chevron (CVX) in free fall. I can't believe how ugly those are, although I expect Chevron to be buoyed by its soon-to-be 4% yield, not that this helped ConocoPhillips (COP) -- although the former has growth and the latter's devoid of it.

The oils are awful, with Exxon Mobil (XOM) and Chevron (CVX) in free fall. I can't believe how ugly those are, although I expect Chevron to be buoyed by its soon-to-be 4% yield, not that this helped ConocoPhillips (COP) -- although the former has growth and the latter's devoid of it.

The oils are awful, with Exxon Mobil (XOM) and Chevron (CVX) in free fall. I can't believe how ugly those are, although I expect Chevron to be buoyed by its soon-to-be 4% yield, not that this helped ConocoPhillips (COP) -- although the former has growth and the latter's devoid of it.

Just as weak are the fertilizer and agriculture stocks, notably Potash (POT) and Monsanto (MON), which are disasters, looking like there are no bottoms ahead. You could look at these and believe that China is just finished. They all have much further to fall, as the rollover still seems in early innings. These charts remind me of the hedge-fund victims in 2008.

Just as weak are the fertilizer and agriculture stocks, notably Potash (POT) and Monsanto (MON), which are disasters, looking like there are no bottoms ahead. You could look at these and believe that China is just finished. They all have much further to fall, as the rollover still seems in early innings. These charts remind me of the hedge-fund victims in 2008.