Trump took a few shots at China today, which didn’t help, but realistically today’s drop makes as much sense as yesterday’s rally on the back of absolutely nothing from China…
While there was some dip-buying in Italian banks (and bonds) today…
We note that Italian equity risk is now double that of US stocks…
And Italian credit risk is now perceived as higher than Russia’s…
And while US equities opened in the green, they accelerated lower all day long…
Small Caps managed to tag new intraday record highs again…
Before tumbling back to earth as the short-squeeze ammo ran out…
It’s worth looking at that ridiculous close once again, in close-up…
US and EU banks managed gains today…
Elon Musk is not happy…
Stocks caught down to reality…
Treasury yields traded in a very narrow range once again…
Second day in a row that the European open prompted a selling wave momentum reversal in the Dollar Index…
This is the 2nd consecutive daily drop in the dollar – the first time since April 15th
Emerging Market currencies bounced for the second day in a row…
Despite the collapse of Turkey’s Lira…
Cryptocurrencies carnaged today…
Copper and Silver outperformed today, Gold managed gains but chatter about OPEC possibly increasing output to offset Venezuela sent crude prices lower…
Finally, the SMART money just started dumping its stocks again…
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