S&P

Via ConvergEx's Nicholas Colas,

Just when you thought the 8 year bull market for US stocks had shown us everything, something new comes along. 

 

One veteran macro trader summed up the markets perfectly "Shit's starting to break" - noting that 'real' macro data decoupled from stocks at the start of the year, VIX decoupled from stocks three weeks ago, EM broke over a week ago, Copper snapped last week, and now High Yield credit is breaking - stocks are always the last to catch on...

Judging by today's VIX crush and USDJPY ramp, this was the sound coming from The Eccles Building...

Via Pater Tenebrarum of Acting-Man.com,

Defying Expectations