Odds of a major sell-off are much higher than a week ago. Oil prices above $100 and likely to stay there is a game changer across asset classes.

Last week's feeling that the Fed could consider lowering rates and that US equities were insulated from global moves is now out the window.

Zero chance the Federal Reserve can consider an interest rate cut in the near term. Inflation jump likely, making people think rate hikes could be on the table.

US equities are being dragged right into the center of the global market turmoil rather than being on the edge.

Fed speakers may try to soothe with messages about taking time and assessing data, but with oil above $100, US stocks will have a tough time.

Markets are extremely volatile. Central bankers will try to cool things down, and authorities are very concerned.

Expect a slew of ECB, Fed, and other central bankers trying to make people feel better, but it will be very difficult with oil prices where they are.