"It's Quiet, Too Quiet" - Stocks, Peso Bid But Hedgers Panic Buying Protection In US, Mexico
Could be worse... right?
A mixed day with some markets shrugging...
G7 FX Vol dropped...
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Mexican Peso rallied...
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Stocks rallied and VIX dropped...
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And some markets turmoiling...
US Equity Put/Call ratio hit a record high...
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Bearish bets on Mexico also soared to a record high...
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USDJPY Overnight vol exploded...
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VIX term structure is as inverted as before Brexit...
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Systemic macro overlays remain extremely heavy (though came off a little in the last 2 days)...
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Stocks opened lower on the day, but as fake data came in from supposed real-time forecasts, so stocks (and the peso) were bid...
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Hurts?
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Treasury yields rose on the day...
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HY Credit spreads drifted lower again - erasing half of the losing streak losses...
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The USD Index rose for the 2nd day in a row, stalling at 98.00...
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With Yen weakness the biggest help (as CAD strengthened modestly)...
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Gold and crude trod water today but silver and copper exploded higher after the US open...
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Copper soared for the 12th day in a row... a record as hedgies piled in...
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Disclosure: None.
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