Stocks Suffer Worst Week In 19 Months; Dow Gives Up All “Taper” Gains

Stocks Suffer Worst Week In 19 Months; Dow Gives Up All “Taper” Gains

The deer was back yesterday; but today “it’s on…”

UPDATE: The S&P futures collapse a further 6 points in the 15 minutes of trading after cah markets closed…

NOT OFF THE LOWS>>>

Some context for the day: Stocks were slammed lower (TRAN -4.1%, Russell -2.5%, S&P, Dow, NASDAQ -1.8%); Treauries rallied 5bps or so on the day (but was stable during the US day session sell off);  Commodities slipped 0.5% with Gold the lone performer +0.35% today; The USD was unchanged on the day (but the JPY strengthen significantly along with AUD weakness).

S&P’s worst week in 19 months…

Dow Transports worst day since September 2011…

Across the board stocks were slayed as dip-buying carry traders were uniquely absent for the second day in a row…

JPY ruled stocks…

As Stocks retraced most of the post-Taper gains…

VIX smashed almost 30% higher on the day to tage 18%

and weekly VIX saw the biggest jump since May 2010…

As the VIX term strcuture inverted (risks piling up before the lunar new year and trsut default in china?)

Gold – now the best performing asset since the Taper – diverged notably from Silver on the week as WTI drooped today but closed notably higher on the week… Gold now at 2-month highs.

Credit markets are now at 10-week wides with stocks back to Taper lows…

Charts: Bloomberg

Bonus Chart; The Nikkei 225 loses 15,000 for the first time in over 2 months… Abe will not be happy!

Bonus Bonus Chart: Well not really a chart but…

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