Just checked gold, saw it went vertical -

Weak JOLTS?, Poor factory orders, a sudden realization of the urgency and seriousness of the debt ceiling debacle, Europe back from vacation, or just pre-FOMC jitters?
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...


Source: SpotGamma
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'?

https://www.zerohedge.com/markets/st...banks-freefall