S&P Futures Plunge To 1-Week Lows; Gold Jumps To 3-Week Highs

Given FX markets are double-dipping now, it is little surprise that S&P 500 futures open down 16 points from the 1553.5 close on Friday - a one-week low. Treasury Futures just opened implying a 1.94% 10Y (-5bps) and 3.16% 30Y (-5bps). And despite the USD strength, spot gold just opened also up from $1591.95 to $1607. The arb against JPY carry is holding stocks for now... only another 8 hours until Europe opens... Over 38,000 contracts have traded in S&P 500 futures in the first 5 minutes ($2.9bn notional) - 30 times the average for a Sunday night... The initial dump was caught by a VWAP reverter but that is fading now...

Initial massive volume dump for a Sunday night, VWAP algos revert and now fading again...

Stocks open down to EURJPY, bounce a little on the catch up from carry...

Gold holding above $1605...

Treasuries...

Charts: Bloomberg