Seemed appropriate for today…
Bullion and bonds continue to dramatically outperform post-Brexit…
Following the best week for stocks in two years, having failed to reach the pre-Brexit highs, stocks rolled over today led by Trannies and Small Caps…
Post-Brexit Trannies and Small Caps are also the biggest losers…
Futures show the selling began Sunday night and has been 'well behaved' for now…
Banks were battered…
Tesla did what Tesla does…
VIX pushed back above 16.5 briefly before being hit in the last hour…
Stocks began to catch down to bonds and FX reality…
The USD Index rose modestly today as Cable tumbled and JPY rallied against the USD…
Cable fell to fresh 31 year lows (below 1.3000)…
Difficult to see the pound forming the Dying Elephant pattern as good news http://pic.twitter.com/aVx5DqVTaD
— Giles Wilkes (@Gilesyb) July 5, 2016
And as gilt yields tumbled, swissy govies went negative out to 50Y, so US Treasury yields plunged to fresh record lows…having crashed post-Brexit…
With 2s30s collapsing to new cycle lows… (dragging financials lower)…
With global developed market bond yields collapsed to record lows at just 42bps…
Commodities were mixed with copper and crude clubbed and PMs bid since Friday…
But note the craziness in Silver over the last 48 hours…
And crude was not pretty…biggest drop in 9 months
Charts: Bloomberg
Bonus Chart: A gentle reminder of the utter farce that the US equity market has become…
via http://ift.tt/29ifetL Tyler Durden