The Jaws of death between bonds and stocks has never widened so fast…
What will you do?
China was flat to modestly lower overnight…
European stocks extended gains led by UK’s FTSE (and Italy unch on the day)…
Mixed bag in US equities with Dow underperforming thanks to Walgreen Boots, Nasdaq extending yesterday’s gains, S&P unch, and Trannies and Small Caps in the red…
Walgreens Boots plunged over 13% – its biggest drop since Aug 2014 to its lowest since Oct 2013…and accounted for the bulk of Dow losses today…
Treasury yields reversed some of yesterday’s surge higher with the belly outperforming…
10Y broke back below 2.50%…
The yield curve remains non-inverted in 3m10Y but flattened notably on the day…
NOTE – the curve traded all the way back up to pre-FOMC levels before flushing.
The Bloomberg Dollar Index broke above the key 1200 level once again… and reversed once again…
The Mexican Peso pumped and dumped after various headlines including President Trump’s border shutdown threats…
Cable rebounded – in its ubiquitous manner – on hope that yet another May offer will avoid a no-deal brexit…
Just after midnight ET, Cryptos were suddenly panic-bid and while some suggested this was driven by April Fools’ headlines about Bitcoin ETFs, that has been widely disregarded as the extended gains during the day session suggest two larger buyers…
“The Bitcoin market and crypto market in general continues to be small relative to the rest of the markets — and emotional,” said Jehan Chu, managing partner at blockchain investment and advisory firm Kenetic Capital. “It’s still very much subject to waves of enthusiasm. I don’t think today is anything special.”
Bitcoin spiked above $5000 for the first time since Nov 2018, and broke above its 200DMA – the biggest one-day gains since Dec 26th 2017…
“The reason why? Anybody’s guess at the moment,”
Crude continues to surge higher as copper slides with PMs treading water despite USD gains…
If China’s so freaking awesome, why is copper collapsing?
WTI surged above its 200DMA on the day…
Gold managed to recover overnight losses… but remains below $1300
How quickly will the jaws snap shut?
via ZeroHedge News https://ift.tt/2TR4fhj Tyler Durden