Credit Crashes, VIX Tops 14 As Stocks Open Lower For 7th Straight Day

Something changed...

Futures were weaker overnight but dumped at the cash open...

 

As the collapse in HY credit accelerated... worst day for HYG in 3 months

 

With spreads crashing back abopve 400bps...

 

USDJPY was unable to save stocks and VIX is now topping 14...

Equity markets are down at the open for the 7th straight day... Trannies (blue) and Small Caps (dark red) are the worst performers but Nasdaq (green) is plunging today...

 

It seems like the Saudi debacle broke something...