FAST FIVE: The Crash Just Won't Stop But Today Something Changed
in a broad, and high-volume selloff which dragged every sector lower.
The selling which for all intents and purposes pushed stocks to 2022 lows (and the lowest since Nov 2020), meant that spoos are now down 7 of the past 8 days, with today's drop more than wiping out all of yesterday's gains.
But unlike recent selloffs which were mostly catalyzed by surging yields, or a soaring dollar, today we have seen neither, as both 10Y TSY yields (as 30Y gilts have gone nowhere).
But while oil did indeed enjoy the slide in the dollar, avoiding an even bigger rout thanks to a Reuters report that OPEC+ would cut output by 500K-1MMb/d next week.
The continued implosion in AAPL and other tech names has pushed Goldman's most-shorted tech index to March 2020 levels, and is about to take out that particular support, bringing the index back to Dec 2018 levels.