VIXplosion Slams Stocks To Longest Losing Streak Since Lehman
Stocks are now down Year-over-Year...
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VIX up 8 days in a row (3rd time in history - 4 April 2012, Dec 2013), S&P down 8 days in a row (the longest losing streak since Lehman on Oct 08)
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A brief bounce overnight (on UK news) quickly gave way once Europe closed leaving Nasdaq the biggest loser (thanks to Facebook)...
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VIX broke above 22 - the highest since Brexit...
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Leaving the S&P 500 unchanged since Dec 2014...(very close to the critical 200-DMA)
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Breadth is terrible...
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Everything is lower post-Fed...
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It was an ugly day for drugmakers too...
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Treasury yields were mixed today with the long end up 3bps and short-end -1bps.. (with stock weakness and vol exploding, smells like risk-parity fund deleveraging)
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The USD Index fell for the 4th of the last 5 days to 3-week lows.
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The pound is the best of the majors on the week...
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Cable spiked near one-month highs after the high court decision on Article 50...
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And the Mexican Peso rallied back of pre-debate lows...
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And while the Peso and the British Pound rallied, it was the Egyptian Pound that was crushed... (devaluing almost 60% with talk that EGP traded over 16/$ late in the day)
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As the dollar leaked lower, so PMs rallied (and copper) but crude kept falling...
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Gold was back above $1300 again...
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Crude tumbled again to a $44 handle, erasing the entire Algiers-OPEC rally...
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So what happens next?
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Disclosure: None.