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Bonds Bid, Stocks Skid But VIX Breaks Another Record

Anyone else feel like this?

 

Stocks dipped hard out of the gate - filling the gap to the first round of the French Election...

But the dip-buyers were instantly in... though unable to save markets into the green...Small Caps worst

 

VIX tagged 11.00 briefly...

 

But closed below it for a record 14th day in a row...

 

VIX remains notably decoupled from policy uncertainty...

 

Financials were the day's worst performer...

 

The Big Banks were hit hard in the sell-off...

 

And of course, why should VIX be higher? After all Macy's just had its worst day since Lehman...

 

And then there's SNAP...

 

Despite a dismal 30Y auction (following yesterday's ugly 10Y auction), bonds held on to gains today...30Y remains above 3.00%

 

The Dollar Index fell for the second day, but we note EUR is weakest on the week against the USD...

 

Cable tumbled on Carney's comments...

 

 

Oh and in case you wondered what drove the buying panic? Simple - fun-durr-mentals...

 

Finally, fear has been banished...