For everyone who rushed to the safety of stocks as T-Bills collapsed on US default fears... The moment when reality sets in... Stocks suddenly realize that a collapsing T-Bill market is NOT bullish... The last time 1-month yields were in this panic mode, VIX was over 20... * * * Trannies love weaker crude prices today... (guess what happens next) and algos did their best to drag stocks back to unch (Nasdaq was ugly - see below)... The last two days have been somewhat crazy in terms of equity futures swings... The last few days have been very 'odd' in VIX with gaps and craps everywhere... FANGs FUBAR... Biotechs Brusied... HOG Hammered... Tesla Tanked... "You get a short squeeze, you get a short squeeze... everyone gets a short squeeze" Treasuries were broadly ugly today... with the same selling until Europe closese pattern... As 10Y yield caught up to stocks OPEX-ramp (note we have seen this flush before, right before stocks give way)... The USD dumped and pumped to end the day unchanged against the majors... with JPY weakness pumping up stocks... But the USD held on to gains against Asian FX... Commodities were mixed with precious metals drifting higher (even as the USD gained) while crude tumbled... (of course the post-NYMEX close panic-buying ramp happened) WTI Crude (Dec contract) hit its lowest since October 2nd intrday today...back below $46...and back below the crucial 50DMA And Oil volatility and the underlying ETF are converging... Charts: Bloomberg Bonus Chart: In case you needed reminding.. fun-durr-mentals Still a divergence on borrowed time pic.twitter.com/KSXIx83PMD — Not Jim Cramer (@Not_Jim_Cramer) https://twitter.com/Not_Jim_Cramer/status/655173329960112128!function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0],p=/^http:/.test(d.location)?'http':'https';if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src=p+"://platform.twitter.com/widgets.js";fjs.parentNode.insertBefore(js,fjs);}}(document,"script","twitter-wjs");