Small Caps Plunge Negative Year-To-Date (Again) As 10Y Slides Below 2.20%

10Y yields are back below 2.20% and 30Y below 2.85% – awkwardly close to the Bullard lows – and stocks appear to be waking up to the massive squeeze-driven decoupling in the last 6 weeks (as USDJPY tests below 118.00). Small Cap Russell 2000 has plunged back into the red year-to-date, and the rest of the equity complex is not “off the lows”. Remember, it’s all about the fun-durr-mentals.

Russell 200 back in the red year-to-date but the collapse in Trannies is significant as low oil prices are suddenly not great news…