VIX Spikes Most Since Brexit After Crude Carnage, Biotech Bust, Asian Angst

Overheard at The NYFed this afternoon…

It's probably nothing but Chinese money-market rates are spiking again…

 

Turmoil? VIX spikes over 10% (yes we know percentages on VIX), but still, this is the biggest surge since Brexit…

 

As a reminder, from earlier, VIX term stucture is its steepest since 2012…

 

And bad stuff happened…

 

A look at futures provides more details on the price action as OIl weakness and some turmoil in China money markets start to ripple through US equities… VIX hit 14 into the close which sparked instant vol-selling and spiked stocks in the last minute..

 

Small Caps and Nasdaq were the worst performers on the day (with Nasdaq almost the worst day since Brexit)…Trannies panic bid was unable to get them green on the day

 

Pushing all the major indices red on the week…but the panic bid into the close lifted Small Caps green

 

Leaving the S&P back in the twilight zone…

 

Biotechs were punished thanks to populist tweets and comments from the government over Mylan's EpiPen… (owrts day since Brexit)

 

The USD Index rose on the day amid Swissy/Euro weakness offsetting Cable strength…

 

Despite the turmoil in stocks, credit, and commodities, and vol, Treasuries went nowhere…

 

As stocks caught down to bond's reality…

 

USD strength appeared to weigh on Commodities across the board but crude was worst hit…

 

WTI tumbled back below $47…

 

Gold and Silver were slammed early on…

 

Charts: Bloomberg

Bonus Chart: NewEdge's Brad Wishak notes an unusual 6-month cycle top pattern in S&P 500 since the end of QE3…

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