Total Chaos: Massive Market Moves Spark Selling-Panic Into Close

Perhaps this sums up the day for many FX, bond, equity, and oil traders today...

 

Incredible Volatility today - 100 point roundtrip in the S&P, and 800 points in the Dow - all driven by a halt in Ruble Trading, the European close, and Kuwait pissing on the US market's fireworks...

 

Today's melt-up into the European close was the biggst of the year...

And the volatility was incredible across the entire US equity market - as the S&P ramp ran stops to yesterday's highs then gave it all back...again around the EU close

 

Close-up on S&P 500 e-minis... the machines ran all the stops everywhere today...

 

A massive roundtrip in cash markets...

 

Leaving most of the major indices down over 5% from all-time-highs...

 

Financials starting to show some risk...

 

The Russian markets dominated headlines...

 

but the US credit markets were more worrisome as it appears the risk has finally started to appear in the investment-grade credit market.

High yield bond yields hit 2-year highs... and spreads to 18 month wides...

 

And Investment Grade credit has become infected...

 

Longer-term...

 

Every asset class underwent a roller-coaster...

Treasury yields fell 10ps, rose 10bps then fell 8bps...

 

and the Treasury yield curve is following the exact smae trajectory as it did into the last recession/tightening..

 

Silver and Gold pumped and dumped.. as oil dumped and pumped and dumped...

 

FX markets turmoiled leasving the USD lower on the day but USDJPY wa sin charge of stocks - and major unwinds into the close - which is very unusual ahead of FOMC tomorrow and Japan tonioght

 

Across the asset classes today - these were the events..

 

Finally we wonder... who was this mysterious $3.7 billion trader today...

But don;t forget...

 

Charts: Bloomberg