The deer was back yesterday; but today "it's on…"
NOT OFF THE LOWS>>>
Some context for the day: Stocks were slammed lower (TRAN -4.1%, Russell -2.5%, S&P, Dow, NASDAQ -1.8%); Treauries rallied 5bps or so on the day (but was stable during the US day session sell off); Commodities slipped 0.5% with Gold the lone performer +0.35% today; The USD was unchanged on the day (but the JPY strengthen significantly along with AUD weakness).
S&P's worst week in 19 months…
Dow Transports worst day since September 2011…
Across the board stocks were slayed as dip-buying carry traders were uniquely absent for the second day in a row…
JPY ruled stocks…
As Stocks retraced most of the post-Taper gains…
VIX smashed almost 30% higher on the day to tage 18%
As the VIX term strcuture inverted (risks piling up before the lunar new year and trsut default in china?)
Gold – now the best performing asset since the Taper – diverged notably from Silver on the week as WTI drooped today but closed notably higher on the week… Gold now at 2-month highs.
Charts: Bloomberg
Bonus Chart: Well not really a chart but…
via Zero Hedge http://ift.tt/1mDMpXC Tyler Durden