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"Something's Broken" - VIXnado Sparks Total Chaos In Stocks As Copper & Crude Crumble

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What today felt like...

 

 

 

 

Dr.Copper continues to crumble... the 8th day in a row - longest losing streak since Nov 2015

 

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But there was total chaos in stocks and the VIX complex today... As one trader noted "something's broken" pointing to the very diffferent regime in today's market relative to recent history... S&P 100DMA at 2132ish desperately defended...

 

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For the 7th day in a row, the 330ET ramp failed (increasing chatter on desks about probes over index ETF rebalancing shenanigans) - note VIX collapse but stocks going nowhere...

 

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Oil closed at the lows of the day but stocks bounced...

 

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Futures show the chaos into and around Draghi...

 

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But cash index were ramped once again, managing to get Nasdaq green briefly before an ugly close...

 

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Trannies turned red on the week...

 

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Treasury yields rose modestly on the day with a notable flattening (30Y unch, 2Y +3bps)...notice the pattern every day...

 

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The USD Index rose for the 11th of the last 14 days to fresh 7 month highs, led by EUR weakness as Draghi flip-flopped on QE extension... (note CAD major weakness)

 

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USD strength did not help but commodities were dumped across the board today...

 

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What happens next in copper?

 

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Charts: Bloomberg

 

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