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The Aftermath – Surveying The Wreckage From Last Week’s Market-nado

The Aftermath – Surveying The Wreckage From Last Week’s Market-nado
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The Aftermath – Surveying The Wreckage From Last Week’s Market-nado

The last two weeks have been unprecedented for any number of reasons  – trading ranges, fund blow-ups, basis dislocations, correlation-one regime, no safe harbor – but aside from being the fastest collapse from a peak into bear market in US history…

There are a number of other WTF charts that show what just happened from 30,000 feet…

The bond market’s range this week was the largest ever…

And despite the massive liquidity, the money markets appear extremely stressed…

And market functioning in credit-related bond ETFs broke…

The market has swung from expecting nothing to demanding 100bps of rate-cuts next week by The Fed…

Bonds provided no ‘hedge’ this week as combined bond and stock losses were the worst since Lehman…

And aside from the broken market function, market internals are almost unprecedented (as Dana Lyons shows below)

NYSE New Lows Hit A New High

Source: Dana Lyons’ Tumblr

CBOE Equity Put:Call Ratio Hits Highest Level Since 2008

Source: Dana Lyons’ Tumblr

After Multi-Decade False Breakout, Value Line Geometric Composite, i.e., the “Median Stock,” Now Down 40% To 7-Year Lows, Retracing 50% Of 2009-2018 Rally

Source: Dana Lyons’ Tumblr

Likewise, 3 Weeks After False Breakout To All-Time Highs, Europe’s Stoxx 600 Now At 7-Year Lows, Retracing 50% Of Post-2009 Rally

Source: Dana Lyons’ Tumblr

Deutsche Bank Hitting New All-Time Low

Source: Dana Lyons’ Tumblr

Muni Bond ETF MUB Hit A 52-Week Low On Thursday…After Hitting 52-Week High On Monday (…same goes for $MBB $LQD $AGG)

Source: Dana Lyons’ Tumblr

Junior Gold Miners 3X Bull ETF $JNUG: 2 Weeks Ago, Printed Multi-Year Highs @ 105; Today, It’s At An All-Time Low @ 7.50

Source: Dana Lyons’ Tumblr

Crude Oil Testing Decade Lows $OIL

Source: Dana Lyons’ Tumblr

S&P 500 9-Day Volatility Index $VIX9D Topped 100, Highest Reading On Record

Source: Dana Lyons’ Tumblr

10-year U.S. Treasury Volatility Index $TYVIX Smashed Its Previous Record High

Source: Dana Lyons’ Tumblr

Crude Oil Volatility Index $OVX Nearly Tripled Its Previous Record High

Source: Dana Lyons’ Tumblr

And finally, if you wanted some even bigger context, the market is starting to reverse the illusion of wealth enabled by central bank largesse over the last five years (during which corporate profits have been flat):

Brace.

 


Tyler Durden

Sat, 03/14/2020 – 13:30

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About The Author

Tyler Durden

Zero Hedge's mission is to widen the scope of financial, economic and political information available to the professional investing public, to skeptically examine and, where necessary, attack the flaccid institution that financial journalism has become, to liberate oppressed knowledge, to provide analysis uninhibited by political constraint and to facilitate information's unending quest for freedom. Visit https://www.zerohedge.com

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