This…
Emerging Market FX rallied broadly on the day (after the biggest 4 day drawdown since Lehman) – its best day in three weeks…
The Argentine Peso slipped lower in the late day…
Of course, all eyes were on the Lira as it rallied back up to unchanged from Friday’s close… After its biggest single-day loss ever, the lira rebounded most since 2001…
Chinese stocks gave back a little of Monday’s surge gains…
after dismal macro data…
European stocks gave back Monday’s gains… despite the lira support
And of course, if the Lira is fixed then panic-buy US equities… (NOTE the serious panic-bid as the nasdaq dared to go red in the first 30 minutes)…
Futures show the real chaos across the US open, rip back higher, and then closing fade… (NOTE futs could not break above their overnight highs)
Of course, ‘ye olde’ opening short-squeeze is back…
Tesla shares were a disappointment and more bullshit was spewed to save Musk from jail…
FANG Stocks continued the pattern of early gains and late weakness…
Treasury yields limped higher on the day…
But 10Y Yields remain well below the 3.00% level still…
The Dollar Index managed to scrambled back up to new cycle highs…
All was not well though as EURCHF continued to tumble… (very defensive)…
Offshore Yuan limped back to unchanged on the day – near cycle lows…
Cryptos continued to plunge – withe Ethereum drastically underperforming Bitcoin…
Bitcoin did drop back below $6000…
And Ethereum fell to 8-month lows relative to Bitcoin…
Copper was the big commodity loser today, along with crude…
WTI remains rangebound (ahead of tonight’s API inventory data)…
Finally, we note that since Larry Kudlow was unleashed, King Dollar has crushed the barbarous relic…
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