For the first time since May, the S&P 500 has fallen for 5 days in a row. VIX has very much heralded the fact that investors were not as bullish as media-types would like to believe - as we have vociferously noted - and today's jump in the VIX pushes it to six-month highs over 22.5%. The S&P 500 futures ended the day-session at the week's lows testing down just shy of last week's flash-crash lows. Meanwhile, while equities slumped catching down to Treasury yields, commodities were relatively flat as was the USD; it seems that the excess longs in equities relative to the rest are unwinding - a different picture than what was seen during last Summer's debt ceiling debate.
S&P 500 futures slumped further after the day-session close to test the flash-crash lows from last week...
VIX has been sending the message (and we have been relaying iot - especially yestewrday's repeat of the dump-and-pump from pre-crash last week!)... VIX (red) vs ES (green)
VIX has seen the biggest 7-day rise in 16 months - reacting in the same way as we did into the debt ceiling debate last year...
And VIX's term-structure is following the same path as last summer!!
Which leaves the S&P at the lows pre-Draghi II...
The difference is that this time - equity investors are the most net long since 2007 highs!
Equities were notably weaker than other asset classes into the close (upper right) - though ETFs saw VXX slamming higher (sending risk lower) as we closed...
Meanwhile, the Dow Transports remain +2% on the month while the rest of the majors (RTY excluded my apologies) are red...
Gold and Silver close the week unch with Oil higher...
Charts: Bloomberg and Capital Context
Bonus Chart: AAPL lowest close since February 17th!
Bonus Chart: Oldie but goodie... Treasury vs S&P 500...
