woensdag 17 mei 2017

Trump Turmoil Sparks Biggest "Market Crash" In 9 Months

It's been a while since we used this one...


This happened...


And appears to be the straw that broke the complacency camel's back....


Quite a day...
- S&P 500 biggest drop since Sept 2016 (broke below 50-dma)
- Small Caps biggest drop since Brexit June 2016 (broke below 50-, 100-dma)
- Nasdaq biggest drop since Brexit June 2016
- Dow Industrials biggest drop since Sept 2016 (broke below 50-dma)
- Dow Transports biggest drop since June 2016 (broke below 50-, 100-dma, and near 200-dma), now negative year-to-date...


And across asset-classes. VIX biggest jump since Brexit June 2016 (smashed through 50-, 100- and 200-dma) above 15...


Short-Term VIX jumped by the most on record (up 115% to the highest since the election)...


Every measure of vol was up today...


- 30Y US Treasury Fut biggest gain since June 2016
- USD Index down 6th day in a row to lowest since trump election
- USDJPY's biggest drop since July 2016 (broke below 50- and 100-dma) to 110 handle Safe-haven buying gold and bonds as the dollar was dumped along with banks...


And we actually heard someone say "This is nonsense, the fundamentals are solid, Trump doesn't matter". Well if it wasn't Trump hope holding stocks up; what was it?


All major US equity indices were red today; NOT OFF THE LOWS!!


"Sell In May" after all...


Trannies are back in the red year-to-date and Small Caps tested unch...


VIX soared over 15, filling the gap from the French Election...


Financials back in the red year-to-date...


Led by a collapse in The Big Four...


AAPL was hammered, worst day since April 2016...


Treasury yields collapse most since the first trading day of the year. Yields crashed 8-10bps today pushing them all down for the month...


30Y Yield crashed back below 3.00%, back to pre-French election levels...


The Dollar Index was clubbed again, 6th down day in a row to pre-Trump election levels...


Since the election, Yen is down the most (5%) but Cable (up 4.5%) and Euro (up 2.3%) have dragged the dollar red...


Gold was heavily bid back above its key technical resistance levels...


The trumpflation trades are all breaking...


And June rate hike odds are tumbling...


Gold regains the lead year-to-date as banks go red...