SPX -1%,NDX-2.25% Dow -.9%.  Ugly day getting uglier. Fang stocks -2.5%.Should be  quite  A busy month/quarter end tomorrow.Besides  reflation  trade,higher rates I still think Month end  trade big impact on nasdaq weakness.Vix +28% today who said volatility dead.Stoxx and Dax vol closed higher by ~20% today and ten year vix +7% .Amidst the collapse in Stock Indices the energy and Financial sectors are still  green on the day presenting an opportunity for spreads.Sell the winners buy the losers.

Dollar slow and steady down move, Yen slow and steady up move. this isn’t a macro panic yet  as  Stock Futures are the only product being taking out to wood shed and even that might be a stretch as SPX only down 1%..Bonds dont want to move higher as the Higher rate ideas keeps lid on prices  but the move lower in Stocks is moving some money over to bonds.A stalemate!Crude oil won’t collapse and this is really telling.   Weak stocks  and Higher Libyan oil production along with oil on pace to close higher for 6th consecutive day you would think this is a perfect recipe for lower prices.

From Mizuho” All five FAANG stocks $FB $AMZN $AAPL $NFLX $GOOGL now below 50-DMAs for the first time since 2/16/16. The FAANG stocks have only all been below their 50-DMAs on 4% of trading days since $FB IPOd in May 2012. (Bespoke)”