Twirmoil Strikes; Treasury Yields Surge To 29-Month Highs As EURUSD Insanity Ensues

TWTR collapsed ~15% off its highs (losing 1 BBRY or 2 JCPs) and FB tumbled 4%. Stocks overall broke their winning streak with a modestly red close but it was the action in the bond, commodity, and FX markets that stood out. Following copper's flash smash Tuesday, gold and even more so silver held their gains from the surge yesterday and pressed higher still today (silver's best week in 4 months). WTI crude closed at 2-month highs above $100. A massive range day in the USD driven by a EUR surge to test 1.39 (2-year high and fail) swung the world's reserve currency down 1% and back up 1% (in a mini-Bitcoin-like panic). Yield rose modestly on the day with 10Y crossing 3% early on, pulling back, then hovering there into the close for the highest close in 2.5 years. VIX was a one-way stret higher all day. All in all - a glance at these charts will make you wonder WTF...

 

Twirmoil!!

 

TWTR offers a big dip to buy... or is it over?

 

Stocks overall trod water today after a breathless rally in the last few days...after the 2nd best 7-day run in 15 months

 

VIX continued to disconnect as hedges were locked in...

 

and Credit diverged once again (tracking VIX!)...

 

Treasuries rose 9-11bps on the week...

 

with 10Y closing above 3% for the first time since July 2011...

 

Commodities were a mess this week... just look at this idiocy - this was Silver's best week in over 4 months!

 

And look at the vol in FX today!!!

 

EURUSD is supposedly the most liquid FX pair in the world... it roundtripped over 1% today - and people laugh at Bitcoin...

Behold - The Circus Tent Formation...

 

Charts: Bloomberg

 

Bonus Chart: Think US stocks did well this year, ythink again... we give you Venezuelan equities - coming to a US exchange near you soon...

 

Bonus Bonus Chart: What happened the last time Treasury yields were this rich relative to stock dividend yields?

 

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