Today's market summed up...
The post-Christmas period started badly with a Bloodbath in Beijing... Biggest drop since August collapse
And while today's damage took the shine off the Santa Rally, the S&P remains 90 points rich to the Fed Balance Sheet...
Bonds remain the big winner post-Fed, stocks managed to scramble back into the green post-Fed in a VIX slamming panic and crude worst...
But on the day - from the early close on Christmas Eve, everything closed red - despite the best efforts of the machines...
But futures show that the weakness in China weighed in US stocks but as Europe closed a magical levitation began... Nasdaq futures were face-riupped into the cash close to go green....
FANGs were bid (after NFLX took a big beating early on)
Energy stocks hardest hit the damage was all at the open...
As having decoupled from oil prices...
Stocks took their lead from VIX ETFs... but even then they were not as correlated as normal (and note the very different behavior between the 'traded' VIX ETF and VIX itself)
And just look what happened to VIX and S&P futures at their close...
With VIX Futures & Options Total Open Interest dropping to a critical ledge...
Credit and stocks continued their recent decoupling...
Treasury yields leaked lower on the day... (thogh 2Y sold off) - we note YTD that 10y/30Y is down 11bps since the end of QE3 and 2Y up 52bps - can you say "policy error"?
And notably flattened (to 9-month lows) - as Financials ignored it...
The USD Index limped lower only to rally back to unchanged after EU close (amid notable AUD and CAD weakness)...
Carnage once again in oil exporter FX markets... Ruble closes at record low against dollar...
Commodities were all clubbed today... Crude dumped after Saudi deficit was exposed suggesting increased production possible. It is also interesting once again just how correlated silver and crude are...
Except NatGas which has now soared over 26% in the last week...
Charts: Bloomberg
Bonus Chart: In summary - more red lasers than green lasers today...