Jubilant Chinese investors did not help as good news is terrible news it would seem... despite Stan Fischer's confidence-inspiring message that "just the tip" of interest rate hikes won't hurt... *FISCHER IS RIGHT; MARKETS OVER FOCUS ON 1ST HIKE, EL-ERIAN SAYS
After an 'odd' day yesterday with BTFDing machines rescuing stocks, US equity markets reopening saw some selling overnight and then a deluge during the day session... (weak data early and 1230ET Fischer)
- *FISCHER SAYS FED COULD SLOW RATE RISES IF WORLD GROWTH FALTERS
- *FISCHER: FED SHOULD `EXPECT SPILLOVERS' WHEN POLICY TIGHTENS
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Since Friday, the cash indices are all notably red... Trannies NOT off their lows...
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The Dow traded back below its 50DMA (18,010) briefly...
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And Trannies "Death Crossed"
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Today was the biggest VIX (percentage) jump in 2015...
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US equities roundtripped from the May 14th melt-up pre-OPEX spike... [12]
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And has almost erased all its May gains...
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Trannies are a disaster year-to-date still...
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Away from the stock market vol, there was turmoil everywhere else...
Treasury yields plunged...
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The Dollar surged... now up 6 of the last 7 days...
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This is the best 7-day run in the dollar since Lehman...
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And Commodities cratered...
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Led by Crude Carnage-ing back to one-month lows...
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Charts: Bloomberg
Bonus Chart: Apple On Fire (literally)
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