So to recap – Fed dismal and no change – warns of Brexit, BoJ disappoints with no change – warns of Brexit, BoE does nothing – warns of Brexit, Brexit polls show "Leave" leading… but an England win in Euro2016 and the death of a British MP was enough to turn the entire day around…
The sad truth about today's massive roller-coaster roundtrip is that it was driven by the death of a British MP which sparked speculation about delays to the Brexit vote…
Bonds were once again panic-bid with Swiss 30Y yields going negative for the first time in history…
As rate-hike odds continue to tumble (with Dec just 20% now)…
Across asset-classes, Bonds remain in the green as gold caught down to stocks…
The Dow soared 290 points off the lows…
Only The Dow was (barely) able to get back to the pre-Fed levels…
Stocks decoupled from USDJPY and from Crude today as the correlation machines hooked up with Cable…
VIX almost touched 23 intraday before being dumped…It is OPEX tomorrow so something had to snap…all that gamma had to be sucked up somehow
Financials continue to catch down to the yield curve's reality…
The US Dollar Index ended the day unchanged after pumping and dumping around the Brexit news… (note Yen surged almost 2%)
Treasury yields ended the day unchanged – somehow – after plunging andf then ripping back. 30Y outperformed by the close, down 2bps… and 2Y +2bps (2s30s tumbled to 168bps – the lowest since Jan 08)
Despite the USD ending lower, commodities all ended the day in the red as the post-MP-Death reaction sent everything lower…
Perhaps most interesting is the plunge in the USD and Gold at the same time as Bitcoin surged over 760…(notice the surge in gold and bitcoin started when BoJ disappointed)
Bitcoin is getting 'expensive' relative to gold…
Most notably, crude fell through crucial technical levels at its 50- ($46.50) and 200-day ($46.10) moving average…
And Silver And Gold were completely attacked after Europe closed…
Chartts: Bloomberg
Bonus Chart: It appears the S&P is starting to catch back down to The Fed balance sheet-implied FV around 1950…
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