Greece... Mattered: Surveying The Carnage

Tyler Durden's picture

Greece... mattered!!

 

The market be like...

*  *  *

It began as FX markets opened ugly in early Asian trading, but once stock markets started to open, the focus shifted there...

Japan spanked... Nikkei 225 down 730 points from Friday's close...

 

China collapsed...

 

When Europe opened it was ugly in stocks...

 

And bonds... European spreads exploded - biggest risk increase in 7 years...

 

But The Swiss National Bank did its best to sell Francs and buy EURs to make it all appear "contained"... Which squeezed EURUSD all the way into the green... a 325 pip ramp!!!

 

And the Sudden "hand of God" move in EUR around 1340ET

 

While Greek stock markets were closed, their bonds were not.. .and carnaged 420bps higher to 15.10%...

 

And stock ADRs and ETFs traded in the US:

  • EUFN - European Financials, down 4% - broke below its 200DMA
  • NBG - Nation Bank of Greece, down 26% on record volume
  • GREK - Greek Stocks, down 18% on record volume

 

*  *  *

In The US, the initial carnage dip was bought with gusto but that ramp failed and by the close we were testing new lows...

 

Trannies managed to get back to unchanged before plunging...

 

Cash markets were a one-way street from just after the open...

 

Financials hammered!!

 

Post-FOMC: Bonds best, Gold glitters, but Stocks stink...

 

Leaving The Dow red and S&P unch for the year...

 

All major indices broke significant technical levels today...

 

VIX surged to 19.00... (from 11 handle last Tuesday)

 

As the 50.98 million share short of the 63.9 million outstanding in VXX suffered greatly... above 20 to 7-week highs on massive volume

 

The last time VXX rose more than 14% in a day was 913 trading days ago (more than 3 years ago on November 9, 2011) and Bernanke bailed out Europe

 

VIX term structure inverted once again...

 

Treasury yields plunged as a near-record short position felt the squeeze... this was the best day for 10Y yields since January

 

The dollar tumbled as the manipulated EUR surge "proved" there was nothing to fear... USDJPY did not play along wioth the manipulation.

 

Gold held onto gains but copper, silver and worse Crude (down 2.4%) all slide despite the USD weakness...

 

*  *  *

Oh and then there is Puerto Rico collapsing...

 

And Bitcoin is surging...

*  *  *

Amid all this with stocks down just 3% from their highs... The Fear & Greed Index collapsed to just 12!!!!

 

 

But apart from that...

Charts: Bloomberg