“A chicken in every pot, and a Bugatti in every driveway”
Another day, another set of stimulus measures for China, sending CHINEXT soaring (as SHCOMP limped higher)…
UK’s FTSE surged most and Spain lagged…
US Stocks traded in a very narrow range with no opening change (highly unusual – the average absolute change from the previous close to today’s open has been 0.33%)
Trannies fell for the 8th day in a row – they have not suffered a longer losing streak since Feb 2009… and Dow Theorists will not like the negative divergence…
The S&P 500 has gone nowhere for almost two weeks – 2793, 2796, 2794, 2792, 2785, 2803, 2793, 2790, but today the machines try at least four times to tag 2,800…
Notably, the last few days have seen a reversion to the old regime where selling pressure strikes towards the end of the day as the SMART index begins to diverge lower from stocks…
Biotech stocks tumbled after the news that FDA Chief Gottlieb was resigning…
Credit markets widened on the day, despite VIX compression…
Treasury yields were mixed today with the long-end marginally lower and short-end higher…
Which flattened 2s30s notably…
The Bloomberg Dollar Index extended gains in its narrow range – but did reverse intraday…
Notably, DXY tested 97.00 once again and reversed…
Cryptos rallied on the day with Litecoin surging around 20% intraday…
Crude rallied but followed the same pump and dump pattern as Monday, copper extended its gains as PMs trod water…
Copper’s recent gains relative to gold have realigned the commodity pair with treasury yields…
Meanwhile, Beef hasn’t been this expensive relative to pork since May 2017.
Tick tock…
via ZeroHedge News https://ift.tt/2C4Onlm Tyler Durden