VIXplosion Slams Stocks To Longest Losing Streak Since Lehman

Stocks are now down Year-over-Year...

 

VIX up 8 days in a row (3rd time in history - 4 April 2012, Dec 2013), S&P down 8 days in a row (the longest losing streak since Lehman in Oct 08)

 

Which prompted this across mainstream business media...

 

A brief bounce overnight (on UK news) quickly gave way once Europe closed leaving Nasdaq the biggest loser (thanks to Facebook)...

 

VIX broke above 22 - the highest since Brexit...

 

Leaving the S&P 500 unchanged since Dec 2014...(very close to the critical 200-DMA)

 

Breadth is terrible...

 

Everything is lower post-Fed...

 

It was an ugly day for drugmakers too...

 

Treasury yields were mixed today with the long end up 3bps and short-end -1bps.. (with stock weakness and vol exploding, smells like risk-parity fund deleveraging)

 

The USD Index fell for the 4th of the last 5 days to 3 week lows...

 

The pound is the best of the majors on the week...

 

Cable spiked near one-month highs after the high court decision on Article 50...

And the Mexican Peso rallied back of pre debate lows...

 

And while the Peso and the British Pound rallied, it was the Egyptian Pound that was crushed... (devaluing almost 60% with talk that EGP traded over 16/$ late in the day)

 

As the dollar leaked lower, so PMs rallied (and copper) but crude kept falling...

 

Gold was back above $1300 again...

 

Crude tumbled again to a $44 handle, erasing the entire Algiers-OPEC rally...

 

So what happens next?