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...
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and while S&P 500 cash is below yestereday's lows, futures stil have some room to test...
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EUR weakness and JPY strength... oops
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as EURUSD breaks below the 200DMA...
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Protection is bid as VIX leads the way down...
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and Europe is getting out of hand fast...
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Charts: Bloomberg