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by Tyler Durden
Tuesday, May 02, 2023 – 08:37 AM
Weak JOLTS?, Poor factory orders, hot EU inflation, surprise RBA rate-hike, a sudden realization of the urgency and seriousness of the debt ceiling debacle, Europe back from vacation, or just pre-FOMC jitters?
Or was it this!?
As a reminder, the Fed NOW has next week’s dire SLOOS report in hand — zerohedge (@zerohedge) May 2, 2023
Who knows to be frank but everything went just a little bit turbo, starting with a total collapse in regional banks…
And despite the Biden admin claiming that FRC was just another ‘outlier’ business model, PacWest, Western Alliance, and Zions (among others) are in a freefall…
Looks like we are back to “who’s next” after yesterday’s Milken Conference. Here’s a guide…
But the ‘big banks’ are also getting slammed…
The majors all instantly puked at the US cash open, led by Small Caps (but The Dow and S&P are down over 1%)…
“Most Shorted” stocks are getting monkeyhammered lower…
Notably, 0-DTE traders are fighting this downtrend hard…
But VIX1D is exploding higher…
pic.twitter.com/7IaU6ACmf4 — zerohedge (@zerohedge) May 1, 2023
Just as we warned yesterday, the surge in yields (driven by a heavy corporate calendar and illiquid marke) has reversed entirely with yields collapsing this morning…
The 2Y Yield has puked back to a 4.00% handle…
Rate-hike expectations are dovishly puking lower…
Gold has spiked back above $2000…
And Bitcoin is starting to rip again…
And Oil prices are tumbling, with WTI now back well below pre-OPEC+ levels…
Is this a last minute effort to pressure Powell to be ‘one and done’?
Rose Rambles... 
