Ok to summarize - China has lost control of its currency (whether intentionally or not) and that is forcing carry unwinds en masse; North Korea tests a nuke; European inflation disappoints; US services economy collapses (follows manufacturing's lead and another pillar of hope is destroyed); Crude crashes to fresh decade plus lows; The Fed offers nothing in the way of hope for growth (or puts); Bernanke says not to expect Fed to save stocks; World Bank cuts global growth outlook... But apart from that, everything is awesome!!!
Before we start, this happened!! Bloodbath in Yuan (offshore Yuan near record lows)...
On the day, a wild ride... with the ubiquitous closing ramp
Deja Deja Vu all over again...
On the week - year-to-date - it appears bad news is bad news - let's just hope China doesn't open tonight eh?
Note that evwerything but Nasdaq is red since the end of QE3...
Post-FOMC, everything was chaotic... Gold flat, bonds up and stocks rescued...
We do note the VIX-manipulation to move stocks around...
Stocks are catching down to their breadth-based reality...
And it's looking a lot like August again...
Energy stocks plunged back to reality... who could have seen that coming?
Financials are catchiung down to credit again...
FANTAsy stocks were mostly lower but NFLX was ripped higher as CEO Reid Hadtings spewed some more bullshit... #netflixeverywhere - seriously!!
AAPL had a mysterious massive buyer as it broke $100...
Treaaury yields plunged with 7Y back under 2% and 30Y back under 3%... on the week 2s30s is now 6bps flatter
The USD slipped lower after FOMC Minutes but is brioadly flat for 2 days (and up on the week)...as AUD collapses and JPY surges...
Crude was clubbed, copper limped lower but PMS rallied further...
Carnage...
WTI Crude crashes to its lowest level since Dec 08's lows at $32.40...
Charts: Bloomberg