Turmoil: Dow’s Biggest Point Rout Since Lehman; Bonds, Bitcoin Crash

This week for Bitcoin, Bonds, and Bullish stockholders…

Today, and this week, saw some extremes:

  • This week was the worst for bonds & stocks combined since Feb 2009

 

  • Dow’s biggest single-day drop since Brexit (June 2016)
  • Dow’s biggest point drop since Lehman (Oct 2008!)
  • Dow’s worst week since Jan 2016
  • VIX’s biggest spike since Aug 2015 China Deval / Flash-Crash
  • China’s Shanghai Comp worst week since Dec 2016
  • China’s Shenzhen Comp worst week since Jan 2016
  • Germany’s DAX worst week since Feb 2016
  • 30Y UST Bond’s worst weekly drop since the election (Nov 2016)
  • UST Yield Curve (2s30s) biggest steepening week since election (Nov 2016)
  • High Yield Bond’s worst week since March 2017
  • Dollar Index first weekly gain in two months
  • Dollar Index biggest daily gain since Jan 2017
  • Gold’s worst week in two months
  • Silver’s worst week since July 2017
  • Bitcoin’s worst week since Jan 2015

Where were the dip-buyers?!

China ugly..

 

Europe dumped into the red…

 

And US Stocks were crushed…

 

Futures show the chaos a little better – Friday’s melt-up, numerous v-shaped recoveries this week as dip-buyers crambled back in… and then today!

 

And today was a bloodbath for stocks…

 

The Dow ended down 670 Points – the biggest point decline since Lehman in Oct 2008…

 

Year-to-Date, Trannies and Small Caps have given up most of their gains…

 

Retailers and Energy stocks were the big laggards but everything was whacked with banks tumbling today despite soaring rates and steepening curves…

 

VIX spiked to its highest since the election today…

 

 

Risk-Parity fund deleveraging was triggered again (with bonds and stocks down hard)…

Risk-Parity funds had their worst day since May 2017 today…

 

It appears the bond spike has spooked stocks…

 

In fact this is the worst day for aggregate losses in bonds and stocks since September 2016…

Bonds bloodbath’d on the day and week…

 

30Y Yields were within a tick or two of 3.10% this week…

 

The yield curve steepened notably on the week

 

And debt ceiling anxiety is back as the Bill curve inverts…

 

The Dollar Index managed its first weekly gain of the year, but remains well below the Trump rescue highs…

 

 

In commodity-land, everything was red on the week with silver getting monkey-hammered today…

 

Silver is back at 6-week lows..

 

Finally, there was carnage in cryptocurrencies this week, with a modest rescue today.

 

This was the worst week for Bitcoin since January 2015, back below $9,000…

 

And finally… remember, you are here…

 

 

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