First thing this morning, after the BOJ's announcement of negative rates which promptly pulled all treasury yields around the globle lower, we asked a simple question: how big large the global negative rate bond universe grow to?
How many trillions in government bonds are now sub zero
— zerohedge (@zerohedge) January 29, 2016
The US total rig count dropped 18 to 619 in the last week with a drop of 12 in oil rigs (to 498) as the ongoing lagged drop of crude drives rig counts every lower. Perhaps oddly, given the rig count decline, WTI is tumbling as a 12 rig drop is clearly not enough...
The trend continues...
And it appears the market wanted more rig count declines...
Charts: Bloomberg
What will they call this "crisis"? Or is it transitory and different this time?
Thanks to BoJ's idiocy, The Dollar is surging once again...
As we noted earlier, in a paradoxical U-turn, one which caught everyone by surprise as a result of Kuroda's own promise just one week ago not to engage in NIRP...
... and two months after the ECB's December 3 disappointing announcement led to a historic surge in the EUR, today countless macro hedge funds have been left reeling with huge losses once again, as many had recently turned bullish on the Yen...
... only to be eviscerated by the BOJ's negative rates announcement.
Something just broke in the options markets...
Perhaps this is why...
And of course...