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Ugly Close Erases Early Stock Gains As Algos Chase Trade Headlines All Day

Courtesy of ZeroHedge. View original post here.

A day full of hope, and in the end…

Chinese markets started off weak but that drop was met with a wall of National Team buying, only to see more selling pressure stocks lower into the afternoon session close…

European markets were mixed with DAX leading  and Spain and Italy flat, though well of the intraday lows…

US Futures show the roller-coaster ride today with overnight headlines of China's reneging starting the decline, Trump tweets and Sanders reiteration prompted hope-filled gains, and then China's retaliation headlines sparked selling…

Stocks were holding hopeful gains until the last 15 minutes which – as opposed to yesterday's panic-bid – dumped…

With a major sell program hitting…

The Dow fell back below its 200DMA

LYFT was clubbed like a baby seal after a brief spike on earnings…

VIX slipped lower on the day, but remains at an 18 handle…

VIX Term Structure remains inverted for a 3rd day in a row…

Treasury yields started the day off lower but after an ugly 10Y auction spiked higher…

We also note a large $20bn IBM bond sale likely put upward (rate-lock) pressure on yields all day.

10Y Yields spiked after the ugly auction, reaching up to its Monday opening levels…

The dollar trod water for a 3rd day as the European market buying continues…

And while the dollar flip-flopped all day, yuan slid lower all day…

Cryptos were hit again overnight on Binance hack headlines, but Bitcoin rallied back…

Commodities were largely lower on the day but crude managed gains after a surprise crude inventory draw…

Brent Crude futures just achieved a 'bullish' golden cross…

Finally, FX, Credit, Oil, and Gold vols appear to be shrugging off this week's sudden outburst of vol while bonds and stocks are seeing volatility expectations explode…


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