And there it went…
To summarize:
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Italian 2Y Yield biggest spike ever
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Italian risk curve inverted
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Italian ‘redenomination risk’ record high
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Spanish 2Y bond yields spike to 2Y highs
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Spanish ‘redenomination risk’ record high
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EU banks crash 11% in last 4 days to 18-month lows
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US banks plunge 4% to 6-month lows
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VIX back above 200DMA
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US 5Y Treasury yields plunges over 18bps – most since March 2009
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US 30Y Yield back below 3.00% – lowest in 7 weeks
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Dollar Index spiked to 6-month highs
Italian capital markets collapsed today.
The risk curve inverted…
Meanwhile, if you’re interested in some insane speculation – how about the 5x-levered inverse BTP ETF…
European Banks contagion…
Italian banks are in freefall…
Deutsche Bank closed with a single-digit share price for the first time since it asked for a bailout from the German government…
The biggest US banks are under severe pressure today with Goldman now down 18% from the March peaks…
This is Goldman Sachs’ and Citi’s worst start to a year since 2011.
Bank weakness weighed on The Dow (down 2% at the lows) but all major US equity indices suffered…
Did we get a visit from the Plunge Protection Team into the US close today?
Nasdaq futures were excited yesterday but gave all that back today…
The Dow is back in the red for 2018 and S&P back to almost unchanged…
S&P tumbled through its 100DMA and tested its 50DMA…
Dow broke below its 100DMA and 50DMA…
VIX broke above its 200DMA…
FANG stocks closed at the lows of the day but it was not a bloodbath there…
Credit markets were crushed today…
Treasury yields plunged back to stocks post-Feb crisis…
Investor panic-bid Treasury bonds today – sending yields down 13-18bps across the curve…
This was the biggest daily collapse in 5Y yields since Brexit.
30Y Yield is back below 3.00% to its lowest level in almost 4 months…
Once again the 3.20% range marked significant resistance…
We wonder what this chart of record short aggregate Treasury speculative positioning will look like next week…
The Dollar extended yesterday’s gains as EUR tumbled further… The Dollar is now at 6-month highs.
EURUSD plunged…
Cryptos were bid today as Europe fell apart, ramping Bitcoin back to unchanged from Friday’s close…
Despite the dollar strength of the last two days, gold clung to unchanged since Friday, even as crude crumbled…
Oil prices tumbled further today…
Finally, we note that the odds of The Fed hiking rates 3 more times in 2018 have collapsed…
Bonus Chart: Elon is having a bad day as TSLA Bonds collapse to a record low close…
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