Early Pump Fades As Stocks Resume Slide

Overnight weakness on the back of disappointment in the BoJ and PBOC was ignored entirely in the few minutes into and past the US open this morning. Perhaps it was the IMF’s outlook? Perhaps it was just algos desperate to get back to VWAP to enable institutional sellers out? Whatever it was, the insta-vert-ramp in stocks at the open – entirely disconnecting from bonds, FX carry, and credit – has now reversed. Biotech’s early 0.6% gain, gone. S&P’s early 5 point rally, gone… and JPY crosses are no help at all as USDJPY tests 102 lows…

 

WTF moment of the day at the open…

 

And Biotechs gave it all back…




via Zero Hedge http://ift.tt/1g207nK Tyler Durden

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