WTF, NO BTFD? LOL, STFU!
Well, that wasn’t supposed to happen…NO DIP BOUGHT! NO DEAD CAT BOUNCE AT ALL…
The Dow is still green on the week, Nasdaq red…
The S&P 500 managed to hold above its 200DMA once again…
FANG Stocks sank again – down 15.5% from the highs at the lows today…
Amazon was ugly – biggest 2-day drop in 4 years – but bounced a little when The White House said any impact on Bezos wasnt planned … yet…Remember as goes Amazon, so goes the market…
Not a great day for Elon Musk…
Bank stocks trod water today too…
LIBOR-OIS resumed its spike higher today and so did global bank credit risk…
IG Credit spreads continue to widen in US and Europe…
European HY spreads are accelerating up to US HY spreads…
Bonds led stocks lower once again…
Treasury yields were mixed today with the long-end lower and the short-end higher…
Flattening the curve dramatically to fresh 11 year lows…
2s30s is now 72bps!!
NOTE – the probability of 4 rate hikes in 2018 (i.e 3 more) has tumbled below 20%…
The Dollar Index spiked again as a flight to quality continued – erasing the post-Fed-rate-hike plunge…
Yen tumbled, Yuan fell, and Hong Kong Dollar slumped back towards the low-end of the peg band…
RBOB ended the day higher (decent draw today) but WTI was lower – pump-and-dumping after inventory data, then drifting higher all day after Europe closed…
Copper stabilized but crude and PMs were monkeyhammered as the dollar rallied…
Gold has erased its post-Fed rate hike gains…
Ripple and Bitcoin trod water today but the rest of crypto was ugly with Litecoin worst…
Nasdaq has caught back down to cryptos…
Finally, Jay Powell better stop this insanity soon or else…
Bonus Chart: Will it happen again? US 1929, US 1987, and Japan 1990…
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