What could go wrong?
Today was all about the 200-day moving average for the S&P 500…2019.40 was all that mattered…
VIX was slammed every time they lost the 200DMA – and seemed to give up at the close…
Oil roundtripped to EURUSD's Drgahi lows but stocks ignored it on super low volumes…
On the day, The Dow and Nasdaq clung to gains but the rest got hammered into the close – note the algo confusion around the European close (US on DST, EU not)
Energy and Financials lagged on the day…
This is what the end of a short-squeeze looks like (Peabody Energy crashed 36% at its lows – the biggest drop ever for the stock)…
Treasury yields fell on the day (apart from 2Y which was very modestly higher)…the day was divide by the EU close once again
Notably, as CS notes, Treasury options skew shifted back into positive territory for the first time this year (i.e no longer positioning for falling rates)
The USD Index ended the day higher but had a volatile day of building strength and sudden weakness…
The Brazialian Real dumped after news that Rousseff will seek to name Lula as a minister in her new cabinet…
Copper and Silver managed to end unchanged as oil and crude slipped…all slammed at the US equity open
Crude's biggest 1 day drop in a month…
Gold's biggest 2-day drop since July 2015…
What happened the last 2 times it was hit like this…
Charts: Bloomberg
via Zero Hedge http://ift.tt/22gzK3t Tyler Durden