‘Murica, F**k Yeah…
Despite the holiday-shortened trading day, there was plenty of vol for everyone today…
Equity futures show the chaos best as PBOC Governor Yi rescued the world overnight but US investors used his overnight pump to dump their gains (not helped by China’s court ruling against Micron)….
In cash equity land, Small Caps remain green on the week…
The Dow closed below its 200DMA for the 7th day in a row…
Micron was a mess after the headlines…dropping to 2-month lows…
But Tesla is worse – down over 14% from its post-production goal highs…
Treasury yields tumbled today as stocks reversed around the cash equity open…
We are starting to see a pattern intraday in Treasuries – buying overnight, selling during US day…
The Dollar erased yesterday’s gains as China’s intervention rippled through markets but as stocks sold off in the last hour of the short-day, the dollar bounced a little…
The biggest news overnight (and into the open) was China’s intervention to rescue the Yuan from freefall…
But some context is important for this bounce…
China’s stocks managed to surge on the intervention but only CHINEXT is back to breakeven on the week…
Cryptos pumped and dumped today but ended the day unchanged, still up notably on the week…
PMs rallied on the dollar weakness but copper and crude faded…
Notably WTI tumbled after reports that the Saudis would increase production as Trump asked…
via RSS https://ift.tt/2KOj5Sc Tyler Durden