Volatility Storms Back With A Vengeance In 950 Point Intraday Dow Swing

This feels very appropriate today...

 

It started with an overnight meltup run that tried to get stocks green for 2015 - perhaps on the back of 'stability' in crude and better than expected trade data in China as well as ECB QE. But that early exuberance disappeared almost instantly...

Homebuilders (well KB Home) are being pegged as the catalyst for breaking the market today as it shattered the early short-squeeze dreams that housing is coming back miraculously...  (but we suspect Buba comments and Dow hitting YTD green briefly were just as responsible)

 

Dow Futures saw an 950-point-plus intraday swing...

 

On the week, Trannies - it appears - now no longer like low oil prices...

 

Year-to-date... We suspect this is more likely the catalyst for today's drop - The Dow and Nasdaq ramped back into the green for the year and met selling pressure...

 

Homebuilders were the day's laggards...

 

Energy stocks are at a crucial support level with plenty of room to catch down to oil...

 

Early exuberance in stocks was ignited by USDJPY (which - just as it did yesterday - roundtripped rather painfully - fun-durr-mentals...

 

As Stocks caught down to bonds (who could have guessed!!?))

 

and Credit...

 

The selloff post-weak 10Y Auction is dwarfed by the day's swings...

 

JPY strength was the most notable move today as The USDollar rallied into the US Open then flatlined...

 

Commodities were mixed with Copper really ugly, silver up and gold flat - oil dipped and ripped...

 

Year-to-date... Copper is catching down tro crude's crash...

 

With Crude lifting into tomorrow's OPEX...

 

Wondering how they get crude to rise into OPEX? Simple... "spoofing"

 

 

KB Home dropped the ball and admitted things weren't entirely awesome...

 

Camera-On-A-Stick was smashed lower on AAPL patents for "a camera-like-thing-on-a-stick-like-thing"

 

Overnight we remain congiscent of Europe's OMT decision (around 4amET)...

 

Charts: Bloomberg