Translating every mainstream business media channel this week...
The Dow gave up all of its post-QE3 gains...
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Which leaves this - Fed 'flow' vs stock performance - once again the most important chart in US equity investing...
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h/t @Not_Jim_Cramer
It appears the market is threatening (or calling the bluff of) The Fed... QE or else...
Across asset classes the day broke down into 3 sections - China (gappy pressure), Europe (carry unwinds escalate) and post-Europe US session (buy stocks and STFU!!)...
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US equities gapped lower on China's double whammy devaluation overnight and kept tumbling through the European close.. then levitated magically to get the S&P just green for the week (algos running stops)
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But cash indices all ended the day in the green for the week...
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The S&P and Nasdaq managed to hold green for the day... and Dow closed unch...
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Almost 700 point roundtrip in The Dow...
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Humpday Humor... come on!!!
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VIX was demolished after surging up to recent highs over 16... The Twin Peaks Of Vol...
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Stocks keep rallying away from and then plunging back towards HY credit...
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Treasury yields were mixed with all but the long-end very modestly lower in yield on the day after a mini-meltup in yields after Europe closed...
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The dollar tumbled further as EURCNH cary trades unwound en masse...
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Note - it appears hope today was driven by the fact that the PBOC appeared to step in and support onshore Yuan towards the close..
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Commodities were mixed today with crude and copper flat (after early weakness) and gold and silver surging...
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Summing it all up...
Faith restored. +33 handles off the lows. Thanks for playing.
— Stalingrad & Poorski (@Stalingrad_Poor) August 12, 2015 [23]
Charts: Bloomberg and @Not_Jim_Cramer
Bonus Chart: Deja Vu - time speeding up...
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