For 2015... you get nothing!!

The quarter's carnage:

• Russell 2000 down 12.7% - worst qtr since Q3 2011
• Dow down 8% - worst qtr since Q3 2011
• Nasdaq down 7.9% - worst qtr since Q3 2011
• S&P down 7.4% - worst qtr since Q3 2011

Not pretty:

 

But credit markets were a disaster:

• HYG (HY Bond ETF) down 6.4% - worst qtr since Q3 2011
• IG Credit Spread +23bps - most since Q3 2011
• HY Credit Spread +147bps - most since Q3 2011
• HY Energy Spreads +326bps - worst since Q4 2014 (2nd worst ever)

HYG lowest since Oct 2011:

 

Commodities were mixed... Gold's worst qtr since Q3 2014, Crude down 24% in Q3, and copper's worst qtr since Q3 2011...

 

Year-to-Date - The USD is higher and everything else is lower, but bonds are the best of the bad bunch.

 

The Dow Industrials have now fallen for 3 straight quarters - the first time since Lehman, and only the 2nd time since 1978.

 

*  *  *

Back to the third quarter: Bonds dramatically outperformed in Q3.

 

Biotechs down 18.4%  had their worst qtr since Q2 2002

 

Biotechs back into the red year-to-date...

 

With Utes the only sector in the green for Q3 and Energy the biggest loser...

 

*  *  *

A Look At The Month...

Bonds outperformed...

 

Stocks were all red...

 

Commodities were mixed on the month with crude the biggest loser...

 

*  *  *

And Finally Today And This Week...

Given the major underperformance of stocks vs bonds this month (and quarter) it makes sense that flows would tend to drive stocks up as weights are equalized ahead of Q4... but note that this is not sustained buying pressure but simple allocations shifts at the margin..

Today saw month-end exuberance in most asset classes... The buying began after the close yesterday...Late-day panic buying ensued...

 

Equities bounced today (after terrible data)... (Nasdaq outperformed into month-end with its best day in 3 weeks)...

 

But remain weak on the week...despite valiant effort in The Dow ramp today...

 

For the 2nd day in a row, VIX was clubbed like a baby seal into the close..

 

It appears once again that stocks are the last to get the message...

 

Treasury yields followed the usual pattern selling off early and rallying late to the week's lows...

 

The USD rose on the day as EUR selling trumped JPY buying...

 

Commodities were mixed today (and on the week) as copper soared (more QE?), crude was insane and gold and silver slipped...

 

Crude oil's trading is just insane...

 

Charts: Bloomberg

Bonus Chart: Everyone's favorite "no brainer" gadget maker is now negative for the year... Worst qtr since Q1 2013

 

Bonus Bonus Chart: Equity protection (VIX) has once again decoupled from credit protection (CDX HY)...