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Stocks Slip Sharply, Europe Down over 2%

EQUITIES
  • All three major US indices opened lower Tuesday and held the losses into the close, helping relieve some of the technically overbought conditions at the tail-end of last week. The RSI retreated back into normal territory Tuesday, after flashing overbought as of Friday's rally.
  • Equity markets in Europe traded softer at the NY crossover, but additional weight went through following the sharp downtick in oil prices.
  • News that the House Judiciary Committee had advanced a bill that would allow for collusion lawsuits aimed at OPEC sent prices lower Tuesday, undercutting the energy sector both on the continent and stateside. As such, European markets took another leg lower ahead of the close to finish with losses of over 2% in most markets.
  • The VIX continue to enjoy a late April recovery, rallying to near 20 points Tuesday as the pullback from all time highs buoys the index.
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