For everyone who rushed to the safety of stocks as T-Bills collapsed on US default fears...
The moment when reality sets in... Stocks suddenly realize that a collapsing T-Bill market is NOT bullish...
[11]
The last time 1-month yields were in this panic mode, VIX was over 20...
[12]
* * *
Trannies love weaker crude prices today... (guess what happens next)
[13]
and algos did their best to drag stocks back to unch (Nasdaq was ugly - see below)...
[14]
The last two days have been somewhat crazy in terms of equity futures swings...
[15]
Not a technical market at all... Notice th eperfect run to the 100-day moving-average in S&P cash (driven by selling pressure on VXX), then immediately stops... (and again top run to unchanged into the close)...
[16]
The last few days have been very 'odd' in VIX with gaps and craps everywhere...
[17]
FANGs FUBAR...
[18]
Biotechs Brusied...
[19]
HOG Hammered...
[20]
Tesla Tanked...
[21]
"You get a short squeeze, you get a short squeeze... everyone gets a short squeeze"
[22]
Treasuries were broadly ugly today... with the same selling until Europe closese pattern...
[23]
As 10Y yield caught up to stocks OPEX-ramp (note we have seen this flush before, right before stocks give way)...
[24]
The USD dumped and pumped to end the day unchanged against the majors... with JPY weakness pumping up stocks...
[25]
But the USD held on to gains against Asian FX...
[26]
Commodities were mixed with precious metals drifting higher (even as the USD gained) while crude tumbled... (of course the post-NYMEX close panic-buying ramp happened)
[27]
WTI Crude (Dec contract) hit its lowest since October 2nd intrday today...back below $46...and back below the crucial 50DMA
[28]
And Oil volatility and the underlying ETF are converging...
[29]
Charts: Bloomberg
Bonus Chart: In case you needed reminding.. fun-durr-mentals
Still a divergence on borrowed time pic.twitter.com/KSXIx83PMD [30]
— Not Jim Cramer (@Not_Jim_Cramer) October 17, 2015 [31]