Dow 30

Having tagged fresh cycle low at 9.57 overnight, VIX has been chaotic this morning. Overnight hope in stocks has faded quickly with The Dow back below 21,000...

The chaotic opening of the market is evident in the gapping behavior of VIX. Also note that when The Dow briefly tagged 20,999 into the European close, VIX was immediately slammed lower to save the all-important policy tool...

But in the last few minutes after the 3Y auction, VIX suddenly jerked to 10.00 - shock - and The Dow broke below 21k after 3 previous attempts.

Overheard at The SNB today...

"Sell The News" was the narrative after Macron's "victory for the world"...

The Dow desperately tried to hold 21,000 and unchanged...

Massive liquidity issues in China wealth product liquidation, commodities crashing, oil plunging, US macro data disappointments, US earnings disappointments, and Buffett dumping Big Blue - only makes sense that The Dow just had its quietest 8 days since 1952!!!

With all eyes on crude, following last night's mini flash crash which sent WTI lower by 3% from just above $45 to under $43 in under 10 minutes, equity markets, generally quiet overnight, have taken on a secondary importance ahead of today's key risk event, the April payrolls report (full preview here). In global equities, Asian and European stocks are lower, while S&P futures are little changed.

Just ignore it...

More crazy pills...

Bonds and Bullion were sold post-Fed...

But all in all only The Dow managed to cling to gains - even with the panic-Buy The fucking Fed Dip...