Quite a day...
Dow Transports -6.9% - worst week in over 3 years - closed under 200DMA
Dow -2.6% on the week - given up all its gain year-to-date
Nasdaq -4.4% on the week - worst week in 30 months
S&P cash trades down to its 200DMA
VIX +40% on the week to 21 - 2nd biggest week in over 4 years, highest close in over 8 months
Treasury yields close at 2014 lows, down 10bps (30Y) to 17bps (5Y) but the modest steepening still leaves 2s30s under 260bps, flattest since 2012.
30Y Yields hit a 3.02% handle - 17 month lows; 10Y yields back under 2.30% - 16 month lows
The USDollar rallied for the 2nd day but ended the week -0.8% - the first losing week in 12 weeks and worst week in 6 months. USDJPY sold off the most in 14 months this week.
Gold +2.7 - best week in 6 months; Silver +2.9% - best week in 4 months
WTI Crude plunged 4.6% - worst week in 9 months; 2-week collapse 8.5% is biggest sicne June 2012.
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But the fundamentals are still in tact?
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Dow 16,576 12/31/13 close - Year-to-date, things are getting ugly fast..
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Dow closed below its 200DMA
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S&P closes at 200DMA
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And S&P 500 futures kept free-falling after the cash close...
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And off the post-FOMC highs...
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On the week
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VIX's 2nd biggest week in over 4 years...
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VIX on the week...
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and VIX on the day - with another fat finger...
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Financial stocks are tumbling back down to credit...
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Once again stocks tried to escape the bond reality (6 times today) but failed every time...
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Treasuries rallied today ending the week notably lower in yield but steeper...
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The USDollar rallied for the 2nd day but the 0.9% drop on the week is the worst in 6 months... This week's USDJPy drop was the biggest in 14 months
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Oil slipped 4.25% but copper, gold, and silver all rose...
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High yield credit spreads are at one-year highs... with IG credit up-in-quality trades continuing...
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And stocks have a long way to fall in the short- and medium-term to catch down to credit reality
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Charts: Bloomberg