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‘Junior’ Jangles Stock Market’s Nerves; Gold Gains As Dollar Slumps

Courtesy of ZeroHedge. View original post here.

The message very briefly today as Donald Trump Jr's email was taken to confirm the campaign was aware of the Russian government's desire to help elect his dad, was simple "you get nothing"…

But as Mitch McConnell held his GOP Senators back for summer school, hope re-emerged that healthcare and tax-cuts were coming sometime, maybe, kinda, sorta.

So that was a day that proved none of this is about 'earnings' per se, it's about Trumptopia and hope for a tax cut – priced into all that 'soft' data… S&P (orange) was desperately pushed to green (but ended red, as The Dow), Trannies were ugly (led by weakness in airlines), and Small Caps and Nasdaq squeezed to solid gains…

VIX was clubbed like a baby seal back to a 10-handle in a desperate attempt to keep the S&P green…BUT FAILED

The post-Trump Jr. email response was immediate buying of Bonds and Bullion, selling of stocks, but the latter made it back…

FANG Stocks were bid again…back above the 50% retracement from June's tech wreck…

SNAP was the talk of the day (away from Trump Jr.)…

And APRN was a bloodbath…

The Dollar Index was ugly and entirely decoupled from stocks…

Treasuries rallied on the Trump Jr. email (from +2bps to -2bps across the curve) but yields did not bounce back miraculously like stocks…

And while gold gained on the day – as the dollar tumbled…

Crude repeated its V-shaped panic-buying pattern of the last 4 days… pushing back above $45 head of tonight's API data…


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