Today's business media summarized...
Today's actual market summarized...
Let's start with this - The market has now reduced March rate-hike odds back to pre-December rate-hike levels (at just 35%)...
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Two words - Policy... Error...
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This remains the worst start to a year... ever...
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Across the major US equity markets, it's a bloodbath...
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*RUSSELL 2000 CAPS 22% DROP FROM JUNE RECORD, ENTERS BEAR MARKET
With the Nasdaq about to be the lasty major index to give up its post-QE3 gains...
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Year to Date - it's just as ugly...
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And since The Fed hiked rates...
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VIX term structure inverted but we are a long way from an August-like panic-bottom...
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There is at least some rationality resumiong as weak balance sheet stocks underperform strong balance sheet firms...
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With selling out of the gate and only a small bounce in the last hour, equity markets carnaged...
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FANGs entered a correction...
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And FANTAsy stocks were smashed today...
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Lots of head-scratching at how this is possible... except for anyone who pays attention to credit markets...
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As HYG plunges to its lowest close since July 2009... Today was worst day in 4 weeks
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US Energy credit risk is soaring back to near 2008 crisis highs...
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h/t @JavierBlas2
While High yield bonds were crashing, Treasuries were aggressively bid (despite the Inbev issuance), on the verge of flash-crashing a few times after a stronmg 10Y auction...
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The USDollar Index ended the day unchanged as early strength was sold - but it remains up on the week... CAD was smashed to new 12 yeasr lows
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Gold ansd Silver rallied as Crude and Copper crumbled...
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As stocks plunged at the US open so PMs ripped...
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As if by magic, WTI's NYMEX close was adjusted very slightly higher to enable a tiny green print... but the trend was clear...
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Charts: Bloomberg
Bonus Chart: Some food for thought...
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