As real rates have spiked, 'stonks' have tumbled...

The Nasdaq is down 3 weeks in a row (worst streak since September), but the late-day sudden panic-bid pushed the S&P and Dow into the green for the week...

Today was utter chaos - just look at the swings in small caps! From +2% pre-open, to down 2.5% as SHTF, and back up to gains over 2% into the close...As shorts were dramatically squeezed...

NOTE that the selling immediately halted the second that European markets closed...and every single time we dipped negative on TICK, another mysterious bid immediately lifted the markets...

Today's sudden reversal is the biggest S&P 500 gain when it had dropped by over 1% intraday since 2011's European debt crisis...