you've been around a while. seen it all before, right?
We've seen much worse every year for the last 5 years.
Excluding the 2008-9 disaster, the worst was in August 2011 (?) during the debt ceiling debacle and S&P downgrade of the U.S.
It's the game the hedge fund and traders at GS, MS and the other banks play. Find any excuse to attack a sector, pile in together, short it down until the easy money is made, go long. make money on the trip back up. Get rid of HFT, reinstate the uptick rule and make it too expensive to play this game and we have a better market.
Not sure the reasons, but the MLPs virtually across the board are down 2% or more in some cases. Examples, EDP, GLP and TCP. I will find fairly susstantive reasons sometime today and will let you know, if interested.