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Stocks Sink On Tax Trouble As Yield Curve Carnage Continues

Courtesy of ZeroHedge. View original post here.

It's been a while…

The S&P 500 and USDJPY were utterly inseparable today…

Futures show the swings better once again…with the late day fade on Senator Johnson…

And while stocks tried their best to 'get back to even' – they failed… Another day, another BTFD parade…

VIX topped 14.5 today briefly… then was ripped lower into the european close… then towards the close at Senator Johnson said NO on the tax bill, markets weakened once again…

Financials entirely ignored the collapse in the yield curve…

High yield bond ETFs plunged today – the most in 3 months at one point – but then rallied back to unchanged…

Perhaps it was the oversold signal?

High yield bond risk surged above 400bps for the first time in 3 months…

With quite notably different short-interest…

High Yield Bond implied vol has moved notably more than equity implied vol for now…

The mixed picture across the Treasury complex is extremely evident this week…

The yield curve just keeps collapsing… 5s30s plunged to a 73bps handle today – flattest since Nov 2007

Even as 10Y spec longs have been cut…

But the Aggregate – 10y-normalized – positioning across the entire Treasury Futures complex is notably short still…

The Dollar Index v-shape recovered after this morning's economic data dump…

We do note that Senator Johnson stating he would vote against the tax bill sent the dollar lower…

Overnight saw Chinese (industrial) commodities plunge…

WTI/RBOB ended the day lower but bounced off post-DOE lows…

Gold and Silver ended the day lower as the dollar surged after Europe closed…

Finally, there's this…


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