Worst day for stocks and bonds in 6 weeks...

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Worst day for S&P in 5 months...

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Did bonds just spoil the stock market's fun?

Video length: 00:04:22

Ugly overnight in Chinese stocks...

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After Friday's manic melt-up in US equities, Monday was a disappointment with China weakness sending futs lower overnight, the standard cash-opening ramp failed and a weak close... (month-end?)

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Not even Trannies managed to cling to gains...

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Was That The Plunge Protection Team? Or a well-timed Maxim acquisition headline

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VIX spiked early and did not reverse - closing at its highest since August...

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Notably, while upside vols were higher today, downside vols jumped more as perhaps the levered long buying panic has shifted to seeking protection...

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VIX remains notably divergent...

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Energy, Utes, Tech, and Financials took a dive today...

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Ugly day for some individual stocks...

WYNN (Steve Wynn sex abuse blowback)

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CAT (declining incremental margins)

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Airlines saw no bip-buyers...

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AAPL (iPhone X order slashed according to Nikkei)

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And as AAPL slides, FANGs rally...

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Bonds bloodbath again today... worldwide.

5Y Bunds saw yield move positive for the first time since Dec 2015 today...

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Which helped push 5Y TSY Yields over 2.50% to their highest since April 2010...

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The curve steepened on the day but we note the belly underperformed the longest-end...

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Also notable is the pattern of post-Asia-close bond-buying returns...

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The Dollar rebounded - most since October - briefly but once it tagged Trump's rescue bid highs, it rolled over for the rest of the day

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Cryptos were lower on the day but remain notably higher post-Friday's close...

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The Dollar's modest gain was enough to spook commodities which were all lower today...

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Finally, we noted that investors can now earn 35bps more yield on a 2Y Treasury note than on the S&P's dividend yield - the most since Aug 2008...

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