Keep an eye on Treasuries, as some of the PIIGS debt is weaker and EU Fins are getting slammed with the SX7E dancing on July Lows. Over in Asia, the Nikkei lost 1% in very light trade, China had a small pop on declining property prices – Aussie gained small as Miners advanced on metal prices overnight, while Malaysia’s market lost 50bp (Malaysia Air still above May Lows). Volumes are heavy in Europe, with Germany trading double it’s 20day averages right now. US Futures just poked positive, with NDX and SPX up 20bp early on earnings – The DAX is off 60bp, but recovering from session lows quickly as US traders brace for Options Expiry today. ITB (Homebuilders) off 7%, under 200dma a first in 2 months, and XRT (Retail) breaking the 200dma for a first in 6 weeks.Ĭredit focus is in Junk, where the HYG (HY) breaks the 200dma for a first since February. Heavy Technical damage done yesterday – XBI (Biotech) under 200dma as it lost 14% in 2 weeks - IWM (Smallcaps) and IWO (Russell Growth) breaking downside 200dma. Airline stocks recorded substantial losses in early European trade, but moves were less pronounced by midmorning -Other Sectors to keep an eye on include Potash stocks, Palladium, EU/Asia Natty Prices, Airlines, Oil players, and Wheat among others. The Micex is off another 1%, but Ruble is stabilizing as the UN Security Council schedules an emergency meeting at 10amET.
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We have some Haven demand waning – Gold getting hit, Yen is softer, and US Yields are higher after closing at 52week lows. Average drop on days when VIX rises 30% is 3.6%. Bespoke notes On 22 days the VIX rose 30%+, yesterday’s 1.2% decline in S&P 500 was the mildest of them all.
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Yesterday was the 8th largest VIX percentage gain. Euros noting how quiet it is despite the headlines as the globe digests the worst Air Tragedy since 9/11.