Time For The Plunge Protection Team: S&P Red For The Year, 10Y Under 1%, Europe Crashing. No Liquidity

A quick summary of where we have been this morning: VIX > 27 (3yr highs); S&P 500 -0.4% year-to-date (6mo lows); 2Y TSY yield < 25bps (17mo lows); 10Y TSY yield < 1.90% (17mo lows); European stocks -3% (11mo lows) lows; US HY credit 410bps (15mo wides); WTI Crude $80.01 (28mo lows). So that can mean only one thing… PPT is in the house, courtesy of USDJPY… and ultra-low levels of liquidity.

Where we've been…