Stocks Drop, Bonds Pop as Crude and Credit Crash Continues

Overheard in the Oval Office when Yellen unleashes her rate hike into dismal economic growth expectations tomorrow…

Since the last fed rate hike, bonds are lower, banks are best…

Trannies and Small Caps are in the red since the last Fed rate hike…

A down day for stocks…but the dip-buyers were active once again after Europe closed…

Goldman is down 10 days in a row…

SNAP is ugly…

VIX was chaotic into the close – gapping all over the place…

For the first time since prior to the election, HYG (the high yield corporate bond ETF) has broken below its 200-day moving average…

And for a change bonds rallied…

The first recoupling for stocks and bonds in 2 weeks…

The Dollar Index rose driven by EUR weakness…

March continues to be an ugly month for commodities (especially Crude and Silver)…

Crude tested to $47.09 intraday after Saudis admitted chwating onm the production cust (and then desperately jawboned thei way out)

Gold fell back below $1200 into the close and Bitcoin reached above $1250…

Here’s 4 interesting charts as we head into The Fed decision…

“Probably Nothing” – give stocks the benefit of the doubt, right? When have they ever got it wrong?

Finally, as we noted earlier, as GDP growth expectations have plunged so April Fed Funds futures have tumbled – completely against the common sense that The Fed hikes into strength, not weakness…

If the current Atlanta Fed GDPNow forecast is correct and first-quarter growth is a mere 1.2%, that would tie as the second-weakest quarter since 1987 in which rates were raised, according to Julian Emanuel at UBS.