Keep calm... It's The Fed tomorrow, what could possibly go wrong...
Ahead of tomorrow's Fed statement and press conference, here is what has happened since they last "did" something...
The Dow clung desperately to unchanged but The S&P could not get green (as Small Caps tumbled)
Since Friday...
Which meant the S&P lost its 200DMA support...
Blame Kuroda!!
Biotechs Battered...
But Valeant was Baumgartner'd...
HY credit was clubbed (worst 2 days in 5 weeks) - likely hurt by Valeant bond crash
Treasury yields were a mixed bag today (long-end outperforming) but traded in a very narrow range...
But the curve flattened further (down 2bps to 174bps) to its lowest since Dec 2008...
Which is disastrous for banks...
The USD Index flatlined today as stronger JPY offset weakness in commdopity currencies (and cable)...
The biggest mover was BRL as Lula was dragged back into the cabinet... This is the worst 2-day drop (over 5%) for BRL since Sept 2011
Commodities were all lower, gold and silver marginal as crude crapped the bed again...
Oil's worst 2-day drop in over a month...
With just hours to go before OPEX, WTI appears to be pinning towards the $35 strike...
Charts: Bloomberg
Bonus Chart: It appears even WSJ has given up trying to pretend non-GAAP earnings are in any way real...
h/t Randy W