There’s a lot going on beneath the surface of the major US equity indices.
China cracked hard overnight…
European stocks leaked lower…
WTI tumbled into settlement today…
Tesla tanked to 2 year lows – below the critical $250 level…
3M was a bloodbath – worst day since 1987’s Black Monday…
But, don’t worry – Facebook is awesome…
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In the US, equities were mixed with Nasdaq best (FB, MSFT), S&P unch, and The Dow weak (but not as dismal as Small Caps and Trannies)…
MMM accounted for 195 lost Dow points
Tesla stock caught down to its bond market reality…
The Dow was hit by MMM but then the machines took over the index and decoupled it…
AMZN tumbled into the close, red, ahead of earnings…
Treasury yields were modestly higher today (around 1bps across the curve) but all remain lower on the week…
Dollar Index ended practically unchanged – thanks to a big rollercoaster intraday. Is this week’s charge over?
Argentine Peso collapsed to a new record low today…
Cryptos crept higher on the day but only Bitcoin remains green on the week…
PMs were flat today (after a pump and dump early on) but copper (early) and crude (late) tumbled…
WTI tumbled on extremely heavy volume into today’s settlement, dropping to a key technical level…
Finally, ahead of tomorrow’s GDP print, we note that The Atlanta Fed GDPNOW model has soared to 2.789%…
And the ‘dumb money’ is all-in…
via ZeroHedge News http://bit.ly/2Vp3h0t Tyler Durden