No good reason… just made me laugh…
As always, the US cash open sparked a buying panic sending stocks into the green after concerns overnight on Airstrike warnings and Trump’s tweets but any relief from Trump’s subsequent more-diplomatic tweet was lost as stocks rolled over hard.
Futures show the action best…
Small Caps managed to hold on to some gains today…NOTE – look at the disjointed nature of the moves on the afternoon downleg…
Facebook squeezed higher again…
But most of the FANGMAN stocks ended lower…(NFLX – black, and FB – red ended higher)
But banks were battered…
Once again, bonds and stocks have decoupled…
Treasury yields were broadly lower (2Y unchanged) with the long-end outperforming…
30Y Yields were back below 3.00%…
And the yield curve tumbled to fresh 11 year flats… (2s10s hit a 45bps handle)
The Dollar was heading for freefall until it was rescued momentarily by hawkish fed minutes…
Both the Ruble and Lira ended the day higher after early plunges…
Cryptos had a big day with Ethereum now up around 15% since Friday’s close…
Crude rallied once again -as geopolitical concerns trumped fundamentals as production and inventories rose – and despite dollar gains after Fed Minutes, the rest of the commodity space held gains…
Overall, geopolitics took gold and oil up, Powell took gold down along with stocks…
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