Another crazy day in the markets…
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While stocks dropped and popped on the day… with a panic-buying scramble into the close to get Nasdaq unch…
On SPY’s lowest volume day of 2016
Crude Oil went full retard… (API Build, DOE bigger build, production down small, Saudi loans, Venezuela meetings)
With Small Caps extending their exuberant gains…
On the back of another yuuge short squeeze – biggest single-day squeeze in 3 weeks (2nd largest since Black Monday)
Bouncing hard off the Monday night lows…
For the 13th day in a row, the S&P 500 has closed either at the high or the low of the day…
VIX slammed to a 16 handle into the close…
High yield bonds were nt playing along after their surge yesterday (HYG’s worst day in a month)
Treasury yields ened the day mixed after yesterdays explosion (2s and 30s outperformed as the belly underperformed
The USD Index slumped back to unchanged onthe week after Europe closed today, helped by JPY and EUR strength…
Commodities all showed gains today with Gold & Silver pushing yesterday’s highs and copper accelerating…
Finally, just as we warned yesterday, NatGas tumbled today – seemingly driven on McClendon headlines…
One final thought – the last time S&P 500 closed here, consensus earnings were 5% higher.
Charts: Bloomberg
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