On a day like this - we deserve two clips...
And of course...
- *S&P 500 FALLS 2.1% FOR WORST DAY SINCE FEBRUARY 2014
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With the biggest volume for this time of year since 2011...
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And here's why...
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It's not over yet...
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WE'RE GONNA NEED A BIGGER BALANCE SHEET
So let's dive in - here is the US equity indices Since their kneejerk pop after FOMC Minutes...NOT "Off The Lows"
- *S&P 500 SLIPS BELOW MARCH LOW OF 2,040, BOTTOM OF TRADING RANGE
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And on the week...CARNAGE!
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But futures show the swings even more dramatically... China China China...Fold...
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Here are all the major stock indices showing the level of retardation...
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And since the end of QE3...Small Caps are now unchanged, Dow and Trannies notably red...
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VIX exploded back above 19...
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65% Off Sale in TWTR...
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and 18% Off Sale in DIS...
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Surprise!!! Energy stocks are collapsing back to credit and commodity reality.. NOTE: Energy Credit Risk is at a record high 1110bps!
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Who could have seen that coming?
No brainer: short energy stocks, long credit pic.twitter.com/rC05G32OkS [22]
— zerohedge (@zerohedge) August 11, 2015 [23]
This has been worrying us for a while...
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Stocks cratered to catch down to credit's reality once again... for the 3rd time in 10 days...
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But stocks have a long way to go to reality...
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Treasury yields collapsed with 10Y pushing back towards a 1 handle...10Y 2.07% lows, 30Y 2.74%
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This leaves the entire Treasury complex lower in yield on the year (but but but all those clever economists said rates would rise?)
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Swiss Franc contonues tobe well bid, as is the EUR, as Yellen popped the dollar bid bubble (albeit maybe briefly) yesterday with her confusion... This is the biggest 2day drop in USD Index in 3 months and closes at its lowest in 6 weeks...
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Commodities all gained on the day (as the USD dumped) but crude was technically driven by the expiration...
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While the carnage in stocks grabbed the headlines, the last 2 days have seen the biggest surge in gold prices sicne 2014...breaking back above its 50-day moving average...
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Gold and Silver soared...
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And finally this trend is not your friend...
Bonds are now the best performer of 2015 (up very modestly) with gold and silver ahead of stocks...
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Charts: Bloomberg
Bonus Chart: Is Oil Cheap? Is Gold Expensive?
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Bonus Bonus Chart: with a big h/t to @RaoulGMI - This is the most important trendline in the world right now... which way next?
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Bonus Bonus Bonus Chart...
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