Stocks Turmoil To End Q2 With Worst Run Since Lehman
Overheard at The PBOC, The SNB, The ECB, and The Fed…
Before we start, it is worth noting that this is the first consecutive quarterly loss for Trannies since Lehman…
S&P 2067.89 was all that mattered today – for the biggest US equity market to avoid its first quarterly loss since Q4 2012… It Failed!!
Q2 ends with crude the big winner, bonds the big loser, and stocks and gold modestly lower…
Q2 saw Dow Transports ugly, Dow Industrials lower, and S&P teetering on the brink. Small Caps managed a small gain as Nasdaq outperformed…
Biotechs (healthcare) dominate Q2 with Financials and Discretionary ekeing out gains. Utes were monkey-hammered and Tech closed lower on the quarter…
Ugly quarter for bonds… (30Y up 57bps in Q2!, 2Y +8bps)
* * *
Year-to-Date, the picture does not change too much with bonds the laggard, Crude #winning, Silver flat, gold and stocks down…
And Trannies are a disaster in 2015…
Year-to-Date, 2Y and 5Y yields are still lower but 30Y is up 37bps…
* * *
Overnight China hope provided some news chatter into the open…
But Greece dominated…
On the day, stocks went into full schizophrenia mode as the inevitable default and Merkel’s “Nein” was whipsawed by rumors of a last minut deal and of Greeks suspending the referendum…
From pre-Greferendum, US equity indices are all lower still…
With Financials, Materials, and Tech worst…
FX markets remain “well managed” post Greece…
Treasury yields appeared to be pulled and pushed between safety bids and month- and quarter-end positioining… (ECB Sells ’em, Fed Buys ’em)
Crude rallied as the Iran Deal deadline was delayed (again) but bullion limped lower and Copper slipped…
You can’t keep an over-priced irrationally bid Biotech bubble down… Investors saw bonds rallying and stocks volatility, were stunned by the moves around Greek rumors and decided to pile into the safety of Biotechs…
Chasrts: Bloomberg
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Stocks Turmoil To End Q2 With Worst Run Since Lehman
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