As futures opened last night, it was all looking so bright as the 'rebound' extended and every knife-catching "in it for the long-run" manager was proved 'right'. Then Eric Rosengren pissed in the punchbowl - explaining QE will end in October "unless somethinh dramatic happens" - somewhat taunting the market to crash to ensure the Fed keeps the party going. Markets leaked lower and then came Big Blue which slammed futures lower. Oil prices are falling once again this morning, ECB's bond-buying was a disappointment, and USDJPY's fundamentals hit an air-pocket. Having retraced perfectly 50% of last week's losses, the S&P 500 is fading at the open...
Rosengren started it... IBM didn't help...
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and Oil weakness is not helping...
[5]
Treasury yields down 2-3bps...
[6]
Of course its all about fun-durr-mentals....
[7]
Of course, it wouldn't be the HFT-dominated US equity markets without a morning ramp to VWAP (enabling all those institutional sellers to get out) - but once again bonds and carry ain't buying it...
[8]
Charts: Bloomberg
