No macro today but excuses galore for Goldman's weak quarter and why we should just ignore IBM… Fed's Rosnegren talked up the reduction of the balance sheet and that didn't help…
Optimism overnight quickly faded in US equities (even as the dollar kept rising)…S&P and Dow closed red
Led by crude…
And The Dow is red on the week…
Financials continue to lag YTD, gold leads and bonds are beat stocks…
VIX surged back above 15 in the late day as stocks accelerated lower…
The Dow was weighed down by IBM and Goldman Sachs… (over half Dow losses) – WTF Watson?!
The big banks bounced a little but faded into the close (Goldman did not bounce)…
Stocks and bonds converged after decoupling overnight…
Treasury yields rebounded in a deja-vu-y way compared to last week…
But yields remain lower on the week…
A big dollar rebound today sparked weakness in commodity-land…
Cable sold off modestly today and weakness in AUD and CAD (oil plunge) helped raise the dollar (but remains lower on the week)
Silver dropped below its 200DMA…
Gold stalled…
With another pre-London Fix puke…
But Crude (and RBOB) were crushed…as gasoline inventories jumped unexpectedly
Slowly but surely stocks are waking up to reality..
via http://ift.tt/2pD7zkW Tyler Durden