2 weeks ago, US High Yield credit spreads were nearly at their tightest levels since 2007 (302 bps).
Spreads have since increased 91 bps to their widest levels since Nov 2023 (393 bps). The last 3 recessions all saw spreads move over 1,000 bps at some point. We're not close to pricing in that scenario today. Source: Charlie Bilello
JP Morgan's Jamie Dimon pushes for private-sector representation in next cabinet
Source: Bloomberg
BREAKING: Small Caps $IWM post 3%+ declines for 3 consecutive trading days for the first time since October 1987
Source: Barchart
The Nikkei's 12.4% decline today was the 2nd largest in its history, trailing only the 14.9% fall during the October 1987 crash.
What happened in the year after the 1987 crash? The Nikkei 225 rose 26.5%. Those who embraced panic were rewarded. Source: Charlie Bilello
JPY FX positioning is finally NET LONG (per GS).
The yen is now free to crash again... Source: www.zerohedge.com, Goldman Sachs
Japanese stocks are now up 9.4% overnight.
They are on track for biggest gain since October 2008 Source: Markets & Mayhem, CNBC
The $VIX spiked 65% higher today, the 2nd largest 1-day % increase in history
(note: $VIX data goes back to 1990). Source: Charlie Bilello
NASDAQ FUTURES CLOSE TO TRIGGERING CIRCUIT BREAKER.
The limit-down level for the current $NQ contract is at 17,265.25, or a 6.9% drop from Friday's close. This has not happened since the COVID selloff in March 2020. Source: Trend Spider
