From Brexit Wounds To Buying Panic (In Bonds & Stocks)

Record low bond yields, Brexit uncertainty, and the biggest crash in home sales in 6 years… BTFD you idiot!!

But "we're halfway there…"

Since the Brexit vote, UK's FTSE 100 is now positive and by far the world's best performing stock market since Thursday's close…

Volume has been non-existent during the bounce…

US equities have retraced almost two-thirds of their losses (near Fib61.8% retrace in Dow and S&P…notice that both are now perfectly back to the Brexit bounce highs from Monday

Leaving Trannies and Small Caps worst since pre-Brexit still but bouncing back…

With futures showing better the bounce to some supportive levels…

And US equities completely decoupled from bonds, bullion, and cable…

Amid a massive short squeeze…biggest since 2011

VIX has collapsed in the last 3 days – holding support around the 50- and 100-day moving averages…

With the VIX hedge unwinds driving the fear index below its pre-Brexit lows…

Just in case you were not conmpletely convinved of what fucking farce this market is – here is NKE, which had a dismal report last night just had its best day in 4 months – swinging from down over 6% to up almost 3% (as index buyers lifted The Dow member)…

But while bank stocks have bounced ahead of CCAR, they remain down notably post-Brexit…

Treasury yields were mixed today… as 2Y continued to underperform the rest of the curve… but note that the longer-end underperformed late on today as chatter of rate-locks hitting the market ahead of a heavy calendar expected…

Driving 2s30s to its flattest since Jan 2008 (recession) but bank stocks didn't care…

But 10Y and 30Y neared record low closes…before bouncing late on (with 10Y >1.50%)

The USD Index slipped lower again…

As the post-Brexit Cable bounce continues…Despite being down hard from the 1.50 pre-Brexit level – the bounce has been imporessive off the 1.31 lows…seems like 1.40 brexit bounce may be target but today seemed to run out of steam quickly..