The deer was back yesterday; but today "it's on..."
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UPDATE: The S&P futures collapse a further 6 points in the 15 minutes of trading after cah markets closed...
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NOT OFF THE LOWS>>>
Some context for the day: Stocks were slammed lower (TRAN -4.1%, Russell -2.5%, S&P, Dow, NASDAQ -1.8%); Treauries rallied 5bps or so on the day (but was stable during the US day session sell off); Commodities slipped 0.5% with Gold the lone performer +0.35% today; The USD was unchanged on the day (but the JPY strengthen significantly along with AUD weakness).
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S&P's worst week in 19 months...
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Dow Transports worst day since September 2011...
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Across the board stocks were slayed as dip-buying carry traders were uniquely absent for the second day in a row...
JPY ruled stocks...
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As Stocks retraced most of the post-Taper gains...
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VIX smashed almost 30% higher on the day to tage 18%
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and weekly VIX saw the biggest jump since May 2010...
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As the VIX term strcuture inverted (risks piling up before the lunar new year and trsut default in china?)
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Gold - now the best performing asset since the Taper - diverged notably from Silver on the week as WTI drooped today but closed notably higher on the week... Gold now at 2-month highs.
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Credit markets are now at 10-week wides with stocks back to Taper lows...
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Charts: Bloomberg
Bonus Chart; The Nikkei 225 loses 15,000 for the first time in over 2 months... Abe will not be happy!
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Bonus Bonus Chart: Well not really a chart but...