Disaster

Authored by Michael Snyder via The American Dream blog,

Why not...

The Dow is up 1.5% since the Thursday close before the FANG Crash (with both S&P and Dow at new record highs this morning), but Nasdaq contonues to lag...

Hovering at flash-crash ledge levels for now... (with VIX tumbling towards a 9 handle once again)

FANG stocks are up led by AMZN at new record highs...

NFLX continues to lag...

And as AMZN and WFM continue higher so Retailers and REITs are extending losses...

The bodies of seven U.S. sailors missing after the USS Fitzgerald collided with the Philippines-registered ACX Crystal early Saturday were found in flooded compartments of US destroyer, which came close to sinking after the collision tore a gash under the warship's waterline, the U.S. Navy's Seventh Fleet commander said on Sunday.

Full navy statement below:

With the VIX slammed at the close of trading on "quad-witch" Friday, sending it just shy of single-digits once again and pushing stocks back in the green in the last seconds of trading, the much discussed topic of (near) record low volatility simply refuses to go away, which means even more attempts to i) explain it, ii) predict what ends the current regime of "endemic complacency" and iii) forecast the "catastrophic" damage to markets when it does finally end as JPM's Kolanovic did earlier this week, when he set the bogey on a modest increase in the VIX from 10 to just 15.

The USS Fitzgerald, a guided missile destroyer, collided with a merchant vessel southwest of Yokosuka, Japan, the U.S. Navy said in a statement on Friday afternoon. The crash happened at approximately 2:30 a.m. local time on June 17, and the Navy requested Japan's Coast Guard's assistance.

The Navy said the Fitzgerald collided with a merchant vessel 56 nautical miles southwest of Yokosuka and the extent of injuries to U.S. personnel "is being determined." It added that the Navy had requested the assistance of the Japanese Coast Guard.