Remember those 'almost' all-time-highs?…

 

First things first, the impressive surge in stocks off the Feb lows have been accompanied by an almost unprecedented collapse in equity trading volumes…

h/t Brad Wishak at NewEdge

 

And as volume has plunged so VIX has exploded in the last few days – in a very similar way to its China-induced August collapse…

 

With VIX surging above 21 – 4-month highs – as defending 2,100 is now a long-lost memory…

 

Who could have seen this coming? Well us and anyone who pays attention to the ripples of turmoil from Chinese FX to Saudi forwards to hong Kong money markets to US equities…

And in case you think that's just a spurious correlation, eat this…

 

Of course, no matter the terrorist attack in Florida, soaring Brexit risk, ugly Chinese and Japanese data, the moment US equity markets opened, it was panic-buying time… (but as futures show that didn't last)…

 

Small Caps and Trannies were worst on the day…

 

The opening spike was all USDJPY momo ignition but 106.50 seemed to run out of steam…as NYMEX closed

 

But bonds and bullion remain the big winners post-payrolls… Bad news is bad news after all…

 

It seems FX, bonds, and Gold were right after all…

 

Treasury yields kept falling…

 

As rate-hike odds tumble further (along with Fed credibility)

 

The US Dollar Index slipped notably from the US Open to around the EU close – but was relatively stable aside from that… (cable was noisy as rumors of a 'good' brexit poll turned into news of a bad one)…

 

Copper outperformed (presumably bad chinese news is good for stiumulus hype?) as crude slipped and PMs managed small gains…

 

Overnight trading in precious metals was insane as it seems The BIS is getting upset… but is losing…

 

Charts: Bloomberg

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