"And It's Gone…"
It seems The Fed is not happy with the market's exuberance…
Which makes sense…Because the market is not lining up with reality…
Macro-economy? Nope…
Micro-economy? Earnings expectations… Nope!
But today was all about Bonds Bitchez... the entire complex collapsed today with the long-end outperforming…
With 30Y yields back to 2-week lows…
This has compressed 2s30s below the "Dimon Bottom"
Stocks gave up their bullish terrorism bounce…
Small Caps were monkey-hammered today but everything was red…
On the week, Small Caps are also the weakest with Nasdaq back in the red after today's plunge…
Which left S&P back in the red for 2016…
Energy and Financials now red on the week…
VIX topped 15 briefly…
Yesterday's moves retraced but USD kept pushing higher…
FX markets were volatile today but the Buy Dollars theme was clear…(led by cable weakness)… This is the first 4-day rally in The USD Index this year.
Notably USDJPY and S&P decoupled…
As cable extended losses…
And bearish cable bets hit record highs…
Commodity Carnage ensued today as the USD rallied…
Here's a close-up on Silver's Flash-Crash…
And as far as gold goes – why wouldn't you panic dump gold after Brussels' biggest terror attack ever…
And finally we note that the last 2 weeks of exuberant crude buying has not been matched across the curve as producers have piled into hedges (which may explain the weakness today in the front-end)…
Charts: Bloomberg
Bonus Chart: It Can't Really Happen Again… Can It?
via Zero Hedge http://ift.tt/1VG0FE8 Tyler Durden