Analogy of the Day - "It's almost like I had to fool my mind into believing that it isn't retarded..."
China gave back Monday's lows overnight in a rough Asia session...
[10]
But it was Japan that suffered some serious bloodbathery... Down 1000 Points from Friday...
[11]
The European bounce ended up modest at best...
[12]
And a little context for the Glencore Bounce is required...
[13]
But liquidity in European stocks remains notably higher than US...
[14]
Chart: @NanexLLC
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Early weakness overnight in US futures was suddenly well bid as Glencore bounced (in stocks not bonds) in London but as US opened and data disappointed, stocks began to slide and accelerated after NYMEX Closed around 1430ET...
[15]
Cash Indices...late-day ramp managed to stall the 5-day losing streak in S&P... (Russell 2000 8 days in a row)
[16]
But from Friday remain red..
[17]
Biotechs dropped for the 8th day in a row... as Valeant got smacked 5% lower again....
[18]
Post-FOMC, stocks remain the hardest hit...
[19]
With Small Caps almost down 10% since then alone...
[20]
Credit markets continue to remain anxious ahead of this week's payrolls data...
[21]
VIX Term Structure has inverted again at the short-end and is higher across the out-months than on Black Monday...
[22]
NOTE: VIX and HY CDX have decoupled again... just as they did right before the China/Black Monday collapse...
[23]
VIX was slammed in the last 30 minutes enabling S&P futures to ramp perfectly to VWAP...
[24]
Here's why we ramped...
Every risk model is blowing up right now trying to make sense of a red close and a bearish Gartman
— zerohedge (@zerohedge) September 29, 2015 [25]
As Junk Bond prices collapse to 4-year lows... down 12 of the last 13 days...
[26]
Treasury yields ended the day notably lower - back near Black Monday lows as 10Y approaches 2.00%...
[27]
Notably there was an epic rush for Short-term T-Bills (ahead of potential shutdown) driving yields on the 10/1/15 Bill to -6.5bps!!
[28]
EU Session USD strength faded as usual during the US session leaving The Dollar Index unchanged-ish on the day...
[29]
The Loonie tumbled to fresh 2004 lows...
[30]
Commodities were mixed with Gold & Silver pumped and dumped but crude and copper showing strength...
[31]
Charts: Bloomberg