Risk, Whats Up?

Wow, equities got creamed today in the wildebeest stampede out of risk.  Or was it?

Lets look at equities:

Yep, thats an official creaming.  Where did it take place?  Lets look:

I found it interesting that energy did not sell off anywhere near as much as the broader market.

Observe the following chart (courtesy FINRA):

 Last I checked, the credit markets are risk markets.  Look at the high yield data today.  While volume wasn't huge (by any stretch), those issues trading did okay.  Note the new high/low data.  I understand that energy companies invested in the region are not overly represented in this data set, but this does not point to a broad de-risking.

Yes, Libya is gonna burn before its over, but signs don't point to an apocalypse.   That said, warships steaming towards the Suez, chatter about Iran, and the spreading "winter of discontent" in the middle east, don't make me think of going all in on a down day.  Problem is, risk is increasing (yep, Europe still has issues, Africa and the Middle East) and we have better, but still soft, domestic numbers coming in.  I am kinda sitting on the sidelines here.  Still in mid-cap growth with a leg in small-caps and preferreds.