So much excitement but by the end of the month. Some high-/low-lights for February…

  • China’s Shenzhen Composite Down 28.8% in 2 months – biggest drop since July 1994
  • S&P 500 Down 0.4% in Feb – 4th losing month in a row – longest streak since 2011
  • Dow Transports Up 6.75% in Feb – best month since Jan 2013
  • Financial Stocks Down 2.3% in Feb – 3rd loss in a row for first time since 2011
  • FANGs Down 4.5% in Feb – biggest drop since March 2014
  • 10Y Treasury Yield Down 54bps in 2 months – biggest absolute drop since May 2012
  • Treasury Curve (2s10s) Down 17% in Feb – 4th flattening in a row, biggest drop since Jan 2015 to Nov 2007 lows
  • Gold Up 10.8% in Feb – best month since Jan 2012 (best 2 months since Aug 2011)
  • Crude Oil (April WTI) Down 4.2% in Feb – 4th loss in a row for first time since Dec 2014
  • USDJPY Down 7% in Feb – biggest monthly collapse since October 2008
  • GBPUSD Down 9.8% in 4 months – biggest plunge since Dec 08 to lowest since Aug 1985

We’re gonna ned another RRR cut…

S&P 1940.25 was all that mattered today (the line between a red or green close for Feb)

On the day, we reoundtripped from early exuberance on terrible data… NOT off the lows…

Leaving stocks practically unchanged (Nasdaq underperforming with The Dow eking out a small gain) except for Trannies’ huge surge…

Financials and Energy were among the weakest performers today with Utilities the only sector green on the day. But on the month Materials (QE hope?) dramatically outperformed as Energy and Financials slumped…

While financials ended the month lower (3rd month in a row for the first time since 2011), they rallied higher off the Dimon Bottom, decoupling again from yield curve reality…

FANGs bounce in the second half of Feb but only FB remains green for 2016…

VIX bounced to the tick off the 200DMA…

Treasury yields fell on the day (with notable bull flattening) but on the month, 2Y is basically unchanged as the out-ruve has plunged 12-20bps… Feb’s close at 1.74% is the lowest monthly close since Jan 2015

The USDollar Index ended the day unchanged (as JPY strength offset EUR weaknes)…

As despite rallying for almost 3 weeks, the USD ended -1.4% on the month…

As USDJPY implodes…

And Cable dropped for the 4th month in a row to its lowest close since Aug 1985

Commodities all gained on the day (led by another rampfest in crude)…

But on the month Gold was the biggest winner (diverging from silver in recent weeks) with crude lower…

Just utter idiocy as algos ‘banged the close’ on NYMEX…

But gold completed its Golden cross into month-end…

Charts: Bloomberg



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