"Biggest Rally Of 2015" Crashes Into Biggest Reversal Since Lehman
Did you drink the Kool-Aid?
It appears not everyone did... The first 6-day losing streak for the S&P 500 since July 2012...
Click on picture to enlarge
The S&P 500 has gapped up +3% and closed down on the day only once since the inception of the futures, 10/16/08 (h/t @sentimenttrader)
Call that a bounce-back...?
Across asset-classes the last 2 days have been 'eventful' to say the least...
Click on picture to enlarge
The Dow is down almost 700 points from the post-PBOC highs!!!
Click on picture to enlarge
Stocks bounced, half-heartedly... but Nasdaq was on target for its best day of the year... (and best since the first trading day of 2013's meltup) before they puked it all back in the last hour...
Click on picture to enlarge
Cash indices remain red on the week as once again Nasdaq was driven up to unchanged before the selling pressure resumed..
Click on picture to enlarge
While we are well aware of the 'hope' priced into this rebound, the actual gains from the China rate cut
Click on picture to enlarge
VIX was total chaos...
Click on picture to enlarge
None other than Eric Hunsader summed it all up perfectly...
U.S. Stock Market back to trading like a banana republic
— Eric Scott Hunsader (@nanexllc) August 25, 2015
What was really driving stocks today was simple - USDJPY fun-durr-mentals...
Click on picture to enlarge
Utes were worst today (as rates soared) and Tech remains the winner on the week - though all S&P sectors are under water...
Click on picture to enlarge
Still financials did not look overly excited...
Click on picture to enlarge
Treasury yields were battered higher today - biggest rise in 10Y yields (13bps) since Feb 2015...the late-day selloff in stocks put a modest bid into bonds... We can't help but wonder if this move is rate-lock-buying ahead of panic-last-minute corporate issuance before rates go up in Spetember
Click on picture to enlarge
The US Dollar was bid as EUR weakened but JPY was critical...
Click on picture to enlarge
Commodities were mixed with crude and copper bouncing back in anticipation and comfort at the rate cut as PMs dumped as the USD levitated...
Click on picture to enlarge
Charts: Bloomberg
Copyright ©2009-2015 ZeroHedge.com/ABC Media, LTD; All Rights Reserved. Zero Hedge is intended for Mature Audiences. Familiarize yourself with our legal and use policies every time you engage ...
more