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Stocks Flash Crash Into Close As Emerging Market, Commodity Carnage Spreads

Update: S&P Futures tumbled back to the lows of the day after hours...

 

S&P remains just in the green for 2015...

 

2058.90 has just become the most important number in the world...

 

There was a major Institutional seller at VWAP all day...

 

And it seems like someone puked into the last 30 minutes...

 

With a decent-sized sudden flash-crash as the 330RAMP was about begin...

 

 

They tried to ramp 'em around 130pmET - that failed - and then at 330pmET it snapped...

 

Futures show that selling began as soon as the US day session closed last night and accelerated as China opened and Yuan collapsed...

 

Treasury Yields oscillated in a narrow range today... (front-end outperformed 2Y to 5Y about 2bps lower, out years unch)

 

HY and IG bonds continues to decouple (as we suspect systemic fears in the credit market lead traders to hedge using thge 'cheapest' option - LQD - as opposed to a more expensive but lower tracking error alternative like HYG or HYCDX)

 

Leaving the LQD at key support relative to HYG...

 

Energy credit markets continue to indicate more weakness than stocks "believe" is possible...

 

The Dollar Index rallied modestly in the day against the majors...

 

But EM FX collapsed against the USDollar (to a new record low for JPMorgan's EM FX Index)... the last time EM FX plunged like this was when China devalued in early December...

 

  • *RUSSIAN RUBLE ENDS 2015 AT RECORD-LOW 73.59 PER U.S. DOLLAR

Oil Producers saw FX rates slammed...

 

And they are not  being helped by the fresh collapse in crude from Iran and Saudi comments, and US production and inventory increases...

 

 

As Dollar strength weighed on PMs but Copper was bid... not how once again silver and crude were glued to each other...

 

Finally, we thought this worth a glance... hope springs eternally transitory...

 

Charts: Bloomberg