The deer is back…
Stocks finally snapped and caught down to high-yield credit's warnings. The worst day for the Dow in 6 months, smashing through its 50- and 100-day moving-average. The Russell 2000 was worst on the day to end July down over 6% – its worst month since May 2012. The S&P's had almost its worst day in 6 months. Trannies dropped 3.4% on the week – the worst in 11 months. Stocks closed at the day's lows.
NOT OFF THE LOWS…
The week
Stocks finally caught down to credit's warnings…
Dow's worst day in 6 months…
All major US equity indices close lower in July… The Russell 2000's worst month since May 2012
Builders are worst but Discretionary and Staples are now red YTD…
Amid all the carnage in stocks, Treasury yields closed +/-1bps (long-end higher in yield, short-end lower)…
The USD was flat…
Commodity markets were clubbed as we suspect EU closing margin calls (and then US margin calls) hit them… WTI dropped below $98!!
Year-to-date, gold and bonds continue to lead, HY lags…
So to sum up – carnage in stocks… USD flat, bonds flat… Oil monkey-hammered and PMs dumped.
Charts: Bloomberg
via Zero Hedge http://ift.tt/1n833hy Tyler Durden