Market Update: Risk-Off, Reality-On

Tyler Durden's picture

Things are escalating rather quickly... Treasuries have soared to yesterday's low yields (below 1.90%), S&P 500 futures are cracking lower on heavy volume -10 points (with the cash S&P below yesterday's lows) - after the other indices all went green earlier. The FX market is in a mini-crisis with EURUSD dumping and JPY strengthening considerably and rapidly. In Europe, it is worse as Portuguese, Spanish , and Italian bond spreads are snapping wider to post Cyprus wides; Spanish and Italian equity markets are tanking down 3-4% on the week; and GGBs are back under EUR50 - their lowest in 3 months. Gold and Silver are rising as Copper and Oil slide. Swiss 2Y rates are negative at their lowest in over 2 months. VIX is up 33% from Thursday's lows and back above 15% - biggest 2-day jump since Nov 11.

Equity Indices once again managed to get green from Friday but that ended rapidly...

 

and while S&P 500 cash is below yestereday's lows, futures stil have some room to test...


 

EUR weakness and JPY strength... oops

as EURUSD breaks below the 200DMA...

 

Protection is bid as VIX leads the way down...

 

 

and Europe is getting out of hand fast...

 

Charts: Bloomberg