It just seemed appropriate...
A 65% tumble for the S&P? https://t.co/QAnEECpuGX pic.twitter.com/rlr67A4qk1
— MarketWatch (@MarketWatch) January 12, 2016
8 down days as of yesterday was longest losing streak since Jan 2008 but a red close today would have made it 9 down days in a row - The longest losing streak for Nasdaq Composite since May 1984
Deja Vu All Over Again...
As once again, USDJPY took over after NYMEX closed...
A desperate attempt to squeeze shorts at the open (Most Shorted spiked over 2% at the open) gave way to selling pressure... but then as soon as NYMEX closed - the squeeze resumed...
So panic buying stocks and panic-selling VIX saved the day...once again all sponsored by the NYMEX Close...
Leaving all the majors green by the close
Futures show the swings best...
1225 Dow points in 24 hours!!!
But it appears insiders are selling (since QE3 ended)...
h/t @NorthmanTrader
High yield credit markets remain deeply recessionary at these levels...
Treasury yields collapsed today (as China stopped supporting Offshore Yuan)... 30Y yields crashed 13bps from high to low back to 2.875%
It's pretty clear that yesterday's "odd" weakness in Treasuries given equity tumble was due to China selling TSYs sto fund their defense of the Offshore Yuan (and today we catch back down as they offer disappears)...
The USD Index pushed higher again today with CAD dumping under 70c for the first time since 2003...
- *RUSSIAN RUBLE CLOSES AT RECORD-LOW 77.0650 PER USD
Commodities were very mixed with copper and crude carnaging while gold and silver were flat but started to accelerate higher into the last hour as things started breaking...
WTI broke down below $30 foir the first time since December 2003...
So fingers crossed that China does not open and that API does not have a huge build (as expected).
Charts: Bloomberg