As the world hopes for "no comment" from The Fed tomorrow, anxiety in markets remains very evident... This about sums it up!
Stocks continued yesterday's weakness overnight... ramped obdeiently into the open in NY... then plunged on bad data and Iran Ship Seizure headlines before v-shape-recovering thanks to someone's generosity in selling massive amounts of protection (VIX) just as you would ahead of any FOMC??!!
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Stocks clung to modest gains somehow despite weakness in Biotechs and AAPL... but Nasdaq unhderperformed...
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Some may have missed the fact that once again the broken market was used to slow the descent of markets... Nasdaq feeds were down for 7 minutes and that enabled some rescue among the VWAP-mongers...
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All thanks to the Kathmandu Pattern in VIX...
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Because nothing says Sell Vol to 2015 lows like an FOMC meeting...
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and AAPL ended at its lows... $140 Billion is just not enough - just ask Icahn
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Biotech bounced but could not hold it...
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TWTR "accidentally" released earnings before the bell... and turmoil ensued
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Oops...
Treasury yields leaked higher all day long - as they somewhat ubiquitously do ahead of FOMC meetings... (and despite a strong 5Y Auction) 30Y Yields blew 9bps higher - 3rd biggest move this year
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The USDollar slid lower from the early start ofthe US session with huge AUD strength...
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Dollar weakness helped extend gains in commodities but gold and silver were the big movers... Gold's biggest 2-day move in 3 months, Silver's biggest 2-day rise in 5 months
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Crude's reaction to the Iran ship seizure news is evident here but disappeared quickly as The Pentagon confirmed it was a non-US Ship...
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Gold and Silver have quite a couple of days... that will never be allowed aftwer the FOMC surely...
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Charts: Bloomberg