S&P futures dumped their most in almost 4 months on marginal volume today as a budget deal (moar fiscal means less moar monetary policy) and a potentially hawkish Stan Fischer on the Fed spread taper fears across all assets with gold lower, Treasury yields higher, and USD rising. New 52-week-lows spiked to 4 month highs as higher beta muppetry took Trannies down most in almost 4 months. The S&P tested back below the payrolls-data and FOMC Minutes launchpad levels from last week as rather notably, while most sectors are still up 5-10% from the debt-ceiling lows, Utilities are now unch. Treasuries weakened back to unchanged from the payrolls print for 5Y (though 7s-130s are -3 to 4bps still). This is the biggest jump in VIX in 2 months as the term structure is the most inverted since US downgrade levels in Aug 2011. Dow <16,000; S&P <1,800; NASDAQ ~4,000 - Retirement Off!
It's a just-greater-than-1% decline in stocks and judging by the decibles on CNBC, the world just ended... pathetic but it's time to bring out the deer...

S&P Futures dropped the most in almost 4 months... and closed at 3 week lows..
as all the indices rolled over...
New 52-Week Lows spiked to its highest in over 2 months...
And the advance-decline peaked a few months back... (as breadth remains weak as we warned [9])
(h/t @Not_Jim_Cramer)
The S&P 500 had a bad day... 50DMAs are coming back into focus on all the major indices... the S&P saw its lowest close in 3 weeks.
Utilities are now unchanged since the debt-ceiling lows and sectors are giving gains back in a hurry...
VIX saw its biggest pop in 2 months as the term structure is the most inverted (short-term risk the most above medium-term) since Aug 2011...
Not even JPY carry could save the day as the Fischer-fed news and the ugly 10Y auction didn't help...
Treasury yields were banged higher - back to unch from payrolls...
Gold and Silver lost a little ground as WTI dropped back to unchanged from payrolls...
Charts: Bloomberg










