The number everyone's been waiting for all afternoon is finally here: moments ago ES opened for trading after the holiday weekend and it's not pretty, down 1.5% to 2035 in early illiquid trading. Expect many wild gyrations especially if China, which is set to open in three hours, is unable to halt its market crash having now thrown everything and the kitchen sink at the relentless selling.
[5]
The SNB is already in place, ready to sell CHF and buy every EUR it can get its hands on to avoid another embarrassing incident:
[6]
And here is Brent, sliding under $60 for the first time since April:
[7]
We hope the NY Fed and its less than arms length Citadel ES spoofing relationship, or at least the SNB, will be up to the task of pushing futures higher as the overnight session progresses to preserve the artificial sense that "all is well" in a world that may never be the same again.
