Another roller-coaster day... "you're a crook, and a cheat, and a swindler..."
Today's melt-ups (pre-FOMC Minutes) were all thanks to broken markets
But after FOMC, things went south in everything (except the Dollar)...
Post-fed, bonds win (but they all lose)...
Obviously we were panic bid into the FOMC minutes but that all changed when The Fed hawks appeared...
The machines were in full rescue mode eying VWAP twice after the minustes smashed stocks lower...perfect VWAP close!
Chaos reigned in VIX... With desperation to keep the S&P green for 2016...
With some huge Open Interests in 205 and 210 SPYs...
h/t @DamonSharkey
Treasury yields all spiked on the Fed minutes (but note the short-end notably underperforming)...
with 2s30s collapsing to fresh lows since Dec 2008...
The USD Index spiked to its highest since March...
But Cable bucked the day's trend, rallying after positive BREXIT (remain 55%) polls...
We suspect tonight will see a major China devaluation...to send a message, and increase turmoil - in order to scare The Fed off again...
The strong USD weighed heavy on commodities...
Charts: Bloomberg