Only one thing for it really...
Forget stocks, today was all about crude oil again...
WTI pushed into the green for August!!!
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3 Bear markets and 3 Bull markets now in 2015 so far... perfectly tagging the 50-day moving-average today...
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This is the biggest 3-day rise in WTI since 1990!!
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Oil Volatility and credit markets were not squeezed into euphoria at all...
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Trade accordingly!!
* * *
Having got that out of the way...Dow's worst monthly drop since May 2010..
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and had an ugly close...
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Stocks got some lift from the momo-igniters -but once NYMEX closed, it was over. Stocks traded in a relatiovely narrow range glued to VWAP after the overnight plunge... Small Caps outperformed as Nasdaq Underporformed...
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But were glued to VWAP all day... on no volume
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Futures markets giveus a better idea of the moves...NOTE -0 this is from the beginning of Friday's pathetic EOD ramp...
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Once again complete chaos on VIX ETFs...
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VIX had its biggest monthly jump in history...
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For the month, it's been a wild ride!! but just look at how clustered the moves were...
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Finacials & Enmergy and Healthcare (Biotech) were worst performers in August...
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For all the excitment over FANG - August was a mixed bunch for them with FB and AMZN notably red...
With all the craziness in stocks, Treasury yields at the long-end ended the month practically unch... 2Y rose 8bps...
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With some more notable weakness today (which was also seen in Bunds)...note once again selling weas in US session, buying in Asia and Europe...
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The USD ended the day lower with some major swings in CAD...
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As August's USD Index drop was the biggest in 4 months...
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Commodities were insane today - led obviously by crude!
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And on the month... perhaps most notably, the perfect recoupling of crude and gold on the month!!??
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But we note that Gold (+3.5%) had its best month since January even as Silver dropped
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Finally - amid all the chaos in August, it appears there is a safe-haven... Gold outperforms
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Charts: Bloomberg
Bonus Chart: We're gonna need Moar QE...
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