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Small Caps Slammed To 12 Month Lows; Russell Down Over 7% In 2014

30Y Treasury yields are now over 90bps lower on the year having pushed back to 17-month lows today. On the day the entire TSY yield complex tumbled 5-7bps closing on their lows (with 2s30s 5bps flatter to 254bps - flattest since Dec 2012). The USD kept falling again today (down 1.2% since Friday) with the biggest 2-day drop in 13 months. Stocks tanked as for the 2nd day-in-a-row there was no post-European close bounce. Trannies tumbled 2.5% (biggest drop in 7 months) and were the biggest loser but Russell 2000 fell to 12-month lows (and is set for the frist 6-week losing streak since April 2005).  Oil slipped back below $88 and silver faded as gold ($1210) and copper flatlined. Stocks close not "off the lows" again, down 1% from Payrolls. VIDX ended the day above 17, up 1.8 on the day.

The Deer is back...

 

The Russell 2000 is back at one-year lows...

 

We spent most of the day oscillating around VWAP before real sellers hit in the afternoon...

 

On the week, Trannies are down 3.6%...

 

From payrolls on Friday - everything is red...

 

Year-to-date, Russell is down over 7% and the Dow is getting back close to red...

 

"most shorted" stocks are down 4.75% on the week - triple the weakness in the S&P...

 

Once again stocks tried to decouple from bonds... but bonds won...

 

Treasury yields since the start of 2014 (30Y -91bps, 2Y +13bps)

 

On the day, yields tumbled to close on their lows... 30Y at 17 month lows...

 

The USD kept falling - biggest 2-day drop in 13 months...

 

Commodities were mixed with silver and oil sliding and copper and gold flat...

 

Charts: Bloomberg