Rebalance Rout: Stocks Slump Most Since October As Bonds, Bullion Bounce
By Tyler Durden
Who could have seen this coming?
This just about sums things up…
And Bob Pisani is not happy…
Stocks midday: classic low-volume drift lower. Bids have evaporated, buyers acting like done for year. < 1% from historic high on $SPY.
— Bob Pisani (@BobPisani) December 28, 2016
As The S&P tumbled most since Oct 11th…
Trannies and Small Caps were worst today…
Futures show the difference as yesterday's US open was a buying panic and today's a selling panic…
VIX topped 13 briefly today as The Dow dropped 150 points from opening highs…
Sectors red across the board post-Xmas… Financials were hit but oddly Utes also sold (despite lower yields)…
The long bond is now best post-Fed – holding unchanged as stocks and gold slide…
High- and Low-Beta stocks in the S&P 500 have become entirely uncorrelated for the first time since the peak of the dotcom crash…
Bonds had their best day since August today – amid record indirects at the 5Y auction – with yields down 4 to 6bps across the complex) – 30Y yields dropped to 3-week lows…
It seems S&P dividend yields capped the 5Y yield advance…
The USD Index rose again on weakness across all majors overnight, then faded during the US day session…
Copper sank on the day as China fears continue as gold & silver gained…
Silver jumped above $16 again…
Gold up 4 days in a row – longest streak since before election…
Bitcoin was whacked early on but recovered its losses…
Source: Rebalance Rout: Stocks Slump Most Since October As Bonds, Bullion Bounce
