Bond-ocalypse Sparks Stock Selling Scramble

Given the illiqiuidty in markets and distance between fundamentals and perception, this seemed an appropriate analogy....

 

Stocks were exuberantly running stops early on as talking heads proclaimed the great rotation about to begin... Then once stops were run and bonds kept bleeding, stocks were shaken...

 

After Hours, yields kept pushing higher and stocks lower...

 

With the 30Y break through 3.00% triggered a leg lower to lows of the day

 

From the Friday payrolls print,

Who do we blame for this unacceptable selling in stocks... Simple! Gartman again who went "modestly long" this morning at the open...

 

Social media stocks remains beaten and YELP has given up some of its 'rumor' gains (after tagging unch from earnings)...

 

Shale stocks continue to suffer too...

 

Treasuries were sold across the entire complex with the long-end steepening dramatically...

 

This is the worst absolute yield move for 30Y bonds since July 2013... with the highest 30Y yield close since Nov 19th 2014 (and first close over 3% since Dec 2nd)

 

For the worst year-to-date performance since 2009...

 

But as soon as the bond pits closed (3pmET) stocks u-turned...

 

and v-shape-recvored desprate to get back to VWAP... but failed

 

The dollar was oddly quiet after Asia closed - ending with a small 0.2% gain (with cable strength the biggest deal)...

 

As stocks ran stops at the open so gold and silver were monkeyhammered lower leaving  all commodities lower - even copper after China's QE...

 

Crude was an EKG again...

 

And Silver was insane...

 

Who could have guessed that higher interest rates would stymie stocks exuberance when it's all driven by easy-money-financed share buybacks?

Charts: Bloomberg