A bad day all around. Liquidation continued from Asia and commodities were Baumgartner'd - especially gold and silver, suffering their biggest single-day drop in 30 years. Weak NAHB data stalled any BTFD in stocks and despite a couple of tries at EUR ramps, stocks had their biggest drop in 5 months. The horrible acts in Boston seemed a catalyst for late-day weakness in stocks but there was no bid and heavy volume as homebuilders were hit their hardest in 10 months and US equity indices plunged into the close. Dow Transports had its worst day in 17 months. Away from stocks, FX markets were just as volatile with JPY's 2-day rally the biggest in 35 months (and AUD the biggest down day in 5 months). Swiss 2Y rates dropped to their lowest of the year and US Treasuries were relatively calm (though bid) until Boston hit and then dropped 3-4bps on the day. VIX also surged higher by 5.2 vols to 17.25% (its highest since the Italian elections).
S&P futures ended at the lows...
and VIX surged...
which took everything but the magic Dow below Cyprus levels...
As FX Carry was dumped in a hurry... AUDJPY especially...
And commodities were slammed...
But some other markets had seriously bad days...
and Gold broke all kinds of records...
after-hours gold dropped more and S&P futures also followed...
Charts: Bloomberg
Bonus Chart: Despite the day's chaos - risk-assets led stocks lower all day and the algos would not beat the real selling pressure for once...
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