The Fed's apparent new communication policy (as the rest of the world's markets and policy-makers try to force its hand)...
This has never happened before (even with the panic buying)... The S&P 500 is down 6.5% year-to-date - that is officially the worst start to a year ever...
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The gaping truth of The Fed policy error is now being exposed in tumbling rate-hike odds... March odds down to 36.8% (from over 55% a week ago)
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As Bonds & Bullion dramatically outperform stocks post-FOMC...
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* * *
On the day, it was ridiculous - here are futures to show the swings...
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And in cash - the panic-buying melt-up faded into the very last few minutes...
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Dow screams 200 points higher in minutes... just because...
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All Yen all the time... (as stocks decoupled from oil)
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It appears Stocks (algos) were playing catch up to the China-selling-based higher Treasury yields...
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NOTE: This could have been a disaster for Risk-Parity funds (Bonds and Stocks down hard) - beware the "bullishness" of China selling Treasuries
Before the epic melt-up buying panic, The Nasdaq is down 8 days in a row - has not had one green day in 2016 - this is the longest losing streak since May 2012...
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Credit wasn't buying the ramp...
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Plenty of momentum stocks have been crushed in recent days but Gunmakers appear to be suffering as The Obama administration admits its done all it can...
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Financial stocks have collapsed (the worst start to a year ever for XLF) - just as we said they would - to their less exuberant credit market levels...
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Most worrying is the spike in the TED Spread - a topic we have been warning about for 2 months - and its implications of systemic risk concerns....
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As Citi and Goldman are seeing their credit risk surge the most...
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Treasury yields rose on the day - as China selling to support Yuan trumped any safety bid from carry unwinds...
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FX markets were very active overnight in Asia and even the majors were swinging violkently as The USD Index rose 0.4% on the day... CAD plunged to new lows as crude tumbled...
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With Offshore Yuan surging by the most on record...
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With the CNH-CNY almost inverted...
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Commodites were all lower as Yuan and USD rallied (but crude and copper were worst)
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With WTI Crude collapsing to a $30 handle - its lowest in 12 years following weak China data and MS report...
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And Copper crushed back under $2 as hopes for further China stimulus are rebuked...
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Charts: Bloomberg
Bonus Chart: Oddly causative correlation of the day... (why oil dumped, and Yuan pumped)...
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