It seems European credit markets were on to something this morning. As European tensions spilled over so the US equity markets just could not hold on to the post QEternity gains and turned down rapidly shortly after Europe closed. The S&P 500 has retraced over 75% of its post-FOMC spike gains, Treasuries are well below the pre-FOMC yield levels and the USD has retraced all of its losses. The 1% drop in the S&P 500 is the largest in over two months. equities closed at their lows - something we have not seen in a while - with all the usual high-beta suspects (e.g. AAPL -2.5%) all getting crushed. VIX surged to 15.5% (up 1.25 vols) as volume surged across most equity indices. Only Healthcare and Staples remain green post-FOMC.
Gold is holding its post QE gains but the rest have retraced any of that change...
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Markets were systemically sold off across every asset class as the weakness spread...
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S&P 500 futures tumbled hard off on heavy volume...
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Commodities stumbled on USD strength... but Gold held in...
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and in case you were wondering where the BTFD'ers were? Well they are all-in - here is S&P futures Commitment of Traders' Net Longs at near-record highs...
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and HealthCare remains the big winner post-QE as all but Staples...
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and everyone's favorite post-QE meal - the major financials - seem to be having some trouble - GS -3.75% post QE...
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Charts: Bloomberg and Capital Context [10]
Bonus Chart: AAPL -2.5% and not enjoying its post-OPEX high average trade size euphoria reversion...
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Bonus Bonus Chart: MSFT vs AAPL - we know, we know - but can you imagine the coincidence...
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