In case you overslept yesterday and missed the U-turn shenanigans, today was almost perfectly the same. Equity, credit, and volatility markets all weakened notably into the open, kept sliding aggressively into the European close and then equities and vol (and not credit) turned on a dime and accelerated all the way back. The other similarity was the high volume dump, low volume pump and then considerably high average trade size around 1400 (in ES) into the close.
ES (the S&P 500 e-mini futures contract) vs VIX reversing aggressively almost immediately at the European close...
[3]
And ES pulling notably higher again after the European close while credit markets remain much less sanguine (and notice yesterday's overnight session correction in stocks)...
[4]
So once again the invisible hand came in to sell vol and lever stocks up while credit trades at Friday's lows...hhmm
Some Bonus charts...
FX markets have seen the USD selloff after the European close three days-in-a-row now...
[5]
But...Treasuries are behaving differently (like credit)...
[6]
Charts: Bloomberg