Tariff Tantrum Turns To Buying-Panic As Stocks Shrug Off Global Trade War Threat

We’re back to the old new normal…

 

Only Trannies are still red post-Trump-Trade-War (as Boeing’s gains sent The Dow back into the green today along with the rest of the majors)…

  • 3/1 1230ET *TRUMP SAYS HE WILL IMPOSE TARIFFS ON STEEL AND ALUMINUM IMPORTS

  • 3/2 0600ET *TRUMP SAYS `TRADE WARS ARE GOOD, AND EASY TO WIN’

Futures show where the big ramps hit…

 

Many market observers claimed that Speaker Ryan’s comments were the driver of today’s move…

  • 3/5 1136ET *RYAN URGES WHITE HOUSE NOT TO ADVANCE ON TARIFF PLAN

  • 3/5 1221ET *TRUMP SAYS NOT BACKING DOWN WHEN ASKED ABOUT RYAN COMMENTS

They were not the momentum igniter…

FANG stocks ripped over 7% off Friday’s lows…

 

As a massive short-squeeze sends “Most Shorted” stocks back to unchanged from last week’s selling ledge…

 

S&P bounced off its 100DMA…

 

And The Dow stalled at 50% retrace of the drop…

Stocks were pretty much on their own today… While The Dow tested up 400 points, Bonds were up 1-2bps, and the dollar inched higher….

 

Treasury yields rose today during the US session, but rallied modestly in the afternoon to end just barely higher…

 

NOTE the long-end of the yield curve stalled at Powell’s ledge from last week..

 

The Dollar Index limped higher unenthusiastically…

 

Gold and Silver leaked lower (on dollar gains) but crude ripped higher on chatter about another big draw at Cushing…

 

Data-provider Genscape Inc. was said to report a drop in Cushing, Oklahoma stockpiles last week, according to two people with knowledge of the report. Inventories at the key pipeline hub are already at the lowest level since 2014.

But gold remains notably lower vol on a normalized basis…

 

Cryptocurrencies were chaotic today with Ripple pumping-and-dumping…

 

As Bitcoin surged above $11,500…

 

Finally, we note that Gold remains the leader since Trump unveiled his tariffs… but stocks tried valiantly…

 

via Zero Hedge http://ift.tt/2oS6Rhm Tyler Durden

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