The Phaserl


Trannies Trounced, Credit Clobbered, Bonds Bid With Both Hands & Feet

from ZeroHedge:

Well that escalated quickly. It appears “bad-news-is-bad-news” once again as ADP was the only saving grace and was just not bad enough to be good (or good enough to comfort escape-velocity-believers). For the 3rd day in a row, stocks saw an opening dump, European close pump, afternoon slump – this time led lower by Trannies (dragged lower by Ebola-scared airlines) down 2.5% (worst in 8 months). The Dow is rapidly approaching unch for the year. Treasury yields collapsed today (2Y -4bps, 30Y -9bps) with 7Y -13bps on the week. Gold rose modestly as silver and WTI crude plunged once again post-EU close. The USDdollar flatlined amid the carnage in bonds, stocks, and commodities. Lots of potential catalysts for today’s weakness but desk chatter about Goldman questioning US growth was notable (as they closed out their growth basket). The Russell 2000 ‘closed’ in 10% correction.

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