"You feel that sting, big boy, huh?"

The Dallas Fed measure of business activity just took a dive:

With expectations for a muddle-through slight positive print, the headline Dallas Fed index just printed at -13.2 (exp. 1.9). This is its lowest level since September of last year and the biggest miss of expectations since May of last year. The headline index is teetering on the edge of its worst levels since 2009 as the month to month change in the general business activity index dropped a massive 19pts – its largest drop since April 2005. Specifically it appears the outlook for capital expenditures was among the largest sub-index to have its hope crushed.

We might be in the double dip already.

Listen for the fog horn of the good ship QE3 any time now.