Summing today up in 7 seconds...
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5th Hindenburg Omen in the last 6 days... Breadth todasy was horrible...
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Wherever you look today there was dramatic moves in markets - Treasury yields plunged, credit spreads blew wider (especially HY and more especially energy), VIX jumped notably higher, USDJPY collapsed, gold and silver surged, oil rallied modestly...
But then - shortly after Europe closed... someone (cough BoJ cough) decided to catch USDJPY at 117.95 and lift it miraculously 170 pips to save risk assets from a serious day...
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3 hours to get it green
— zerohedge (@zerohedge) December 9, 2014 [8]
Mission NOT!! Accomplished...
The entire equity complex ripped higher led by "most shorted" stocks being squeezed and driving small caps to a big day... the Nasdaq avoids its first 2-day losing streak since the Bullard lows. But despite the best efforts the S&P could not hold green
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Energy stocks were today's best performers...
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Despite the panic-buying v-shaped recovery - on par with the bounce at the Bullard lows, stocks remain red post-Payrolls...
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Volume faded away on the upswing as one would expect...
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Notably while VIX helped it did not ramp like stocks...
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Treasury yields bounced but 30Y remains down 9bps on the week, flattening significantly...
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Crushing the yield curve to iots flattest since 2009
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The USD slid for the 2nd day in a row... but bounced hard after Europe closed...
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But gold and silver surged (and did not lose much as everything ripped) and oil gained modestly...
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While the broad HY market is indeed widening, the following chart should give some context (albeit comparing a CDS spread to an OAS is not perfect) on just how totally screwed the energy sector is...
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Charts: Bloomberg
Bonus Chart: Who Do You Believe?
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