This won't end well...
* * *
First things first, The Fed managed to convince the market - despite the collapse of fundamentals - that it will hike in December...December odds the highest they have ever been...
[2]
Having dumped the post-FOMC gains early on, stocks bounced modestly... then acelerated in the last 20 minutes before last minute selling...
[3]
But in the day only Trannies ended green (as a late ramp failed)
[4]
All thanks to a VIX-crushing ramping S&P into the green...
[5]
Though a notable VIX decouple..
[6]
But bonds, gold, and crude are all red post-FOMC
[7]
And on the week...Small Caps unch, Trannies biggest losers...
[8]
Trannies outperformed (and did it again against crude)...pushing up to the 100DMA
[9]
Financials continue to bounce (but credit remains ominously weak)...
[10]
But Camera-on-a-stick crashed to record lows...
[11]
And Valeant had another tough day...
[12]
Credit markets decoupled from equities today...
[13]
With VXX trading in a very narrow range today...
[14]
But Treasury yields played catch up to stocks...
[15]
As the entire curve shot up today (with the long-end underperforming 2Y +2bps, 30Y +8bps)
[16]
The USDollar gave back some of its hawkish Fed gains...AUD continues to get slammed as EUR rallied back somewhat...
[17]
And The Dollar slipped back against Asian FX also (but remains notably stronger post FOMC)
[18]
Commodities were very mixed today...
[19]
With crude dump and pumping (run stops) and dumping...
[20]
And Nattie making new cycle lows...
[11]
Charts: Bloomberg
Bonus Chart: "Data-Dependent" Fed...
pic.twitter.com/aSEaiyiWdj [21]
— Not Jim Cramer (@Not_Jim_Cramer) October 29, 2015 [22]
Bonus Bonus Chart: The Bulls Are Back In Town...
AAII Blog: Optimism among individual investors is above 40% for the first time 35 weeks. https://t.co/hIzEhrm4Mj [23] pic.twitter.com/eMfv5Y75ED [24]
— Charles Rotblut, CFA (@CharlesRAAII) October 29, 2015 [25]