UPDATE: Standard USDJPY -driven momo bounce off various support levels for S&P...
[4]
Well that escalated quickly... again. While credit markets were not buying the dead-cat-bounce in stocks and oil this morning (Energy HY >1000bps, HYCDX >400bps), financial media was cock-a-hoop... "the bottom is in." Well we have a new bottom. WTI Crude futures have tumbled back to the scene of the manipulative algo crime last night back below $57. European stocks are under pressure and are now once again negative year-to-date and US stocks have given up all the overnight and US opening exuberance gains - now red from Friday.
Oil back below $57...
[5]
Stocks given up overnight gains...
[6]
Europe back in the red YTD...
[7]
and credit is really rolling over - HY >400bps!!
[8]
Charts: Bloomberg
