Stocks and bond yields sink on a trade truce, oil tanks on an OPEC deal, and AUD spikes on a RBA rate cut…
Chinese stocks went nowhere overnight…
European markets slipped early on the tariff headlines but recovered by their close…
Major decoupling between Small Caps and Trannies and the rest of the market today (the latter barely unchanged as the former tank). Nasdaq outperformed as markets rallied in the last hour mysteriously just as they did yesterday…
As the short-squeeze ammo appears to have run out…
Any equity gains were dominated by a bid for defensives…
Stocks and Bond yields decoupled…
Treasury yields tanked today leaving all but 2Y now lower since the hype of the trade-truce…
10Y Yields tumbled back below 2.00% again…and held there…
Pushing 10Y Yields to the lowest close since Nov 2016…
Market expectations for July remain at 80% for 25bps cut and 20% for 50bps cut…
Stocks decoupled from FX carry today…
Cryptos staged a big recovery today after another ugly night…
Bitcoin ripped back above $10,000 after toying with it for 24 hours (up $1200 from today’s lows)…
PMs outperformed notably as copper and crude extended their losses…
Gold surged back above $1400, erasing the trade-truce losses…Gold’s best day since Oct 2018 (on the heels of Lagarde as ECB head?)
While silver rallied on the day, it continues to underperform…
Stocks and oil prices decoupled today…
WTI dumped on the day, despite OPEC+ production cut agreements…
WTI tested the trendline and failed…
Copper and Stocks decoupled
Finally, the jaws of death widen further…
via ZeroHedge News https://ift.tt/2JjbCuB Tyler Durden