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"It's Quiet, Too Quiet" – Stocks, Peso Bid But Hedgers Panic Buying Protection In US, Mexico

"It's Quiet, Too Quiet" – Stocks, Peso Bid But Hedgers Panic Buying Protection In US, Mexico

Could be worse… right?

 

A mixed day with some markets shrugging…

G7 FX Vol dropped…

 

Mexican Peso rallied…

 

Stocks rallied and VIX dropped…

 

And some markets turmoiling…

US Equity Put/Call ratio hit a record high…

 

Bearish bets on Mexico also soared to a record high…

 

USDJPY Overnight vol exploded…

 

VIX term structure is as inverted as before Brexit…

 

Systemic macro overlays remain extremely heavy (though came off a little in the last 2 days)…

 

*  *  *

Stocks opened lower on the day, but as fake data came in from supposed real-time forecasts, so stocks (and the peso) were bid…

 

Hurts?

 

Treasury yields rose on the day…

 

HY Credit spreads drifted lower again – erasing half of the losing streak losses…

 

The USD Index rose for the 2nd day in a row, stalling at 98.00…

 

With Yen weakness the biggest help (as CAD strengthened modestly)…

 

Gold and crude trod water today but silver and copper exploded higher after the US open…

 

Copper soared for the 12th day in a row… a record as hedgies piled in…

 

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