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Darkness Falls On Small Caps As Gold Eclipses Stocks Year-To-Date

Courtesy of ZeroHedge. View original post here.

Seemed appropriate…

And ugly Chicago Fed National Activity Index print (-0.01 vs +0.10), indicating below-trend growth in the national economy, along with Dalio Derisking sparked safe haven bond and bullion bids while stocks sank…

But VIX was clubbed like a baby seal to get everything back to green…

But Nasdaq and Small Caps couldn't hold on to it…

Trannies and Small Caps both closed below their 200DMA, S&P bounced off its 100DMA, Nasdaq tested towards its 100DMA, Dow tested and bounced off 50DMA.

Small Caps ended underwater for 2017…

If you don't think these markets are technical, then explain this – S&P stops downward push at EXACTLY TO THE PENNY the 100-day moving average…

FANG Stocks dropped once again to six-week lows…

Small Cap relative outperformance post-election has gone as tax reform is now priced out domestically… (Russell 2000 is also now in the red year-to-date)

Treasury yields ended the day mostly lower, falling after an initial higher yield open… this is the lowest 30Y yield close since June 27th

Meanwhile, the T-Bill market is getting seriously dislocated as debt ceiling concerns rise…

With the curve around the end of September getting seriously strained…

The Dollar Index fell once again – closing near its cycle low close, back to May 2015 lows…

Overnight saw industrial metals – zinc, copper, iron ore – all surging…

Notably decoupled from economic reality…

CMC market strategist Michael Hewson, have expressed their amazement at what is taking place in the industrial metals sector, and pointing out that something strange is going on, Hewson said "I'm looking at the prospect for the global economy and looking at the price of metals and there seems to be a significant disconnect between the two."

Gold futures tested $1300 once again intraday (and notably net futures and options positioning in th eprecious metal is now the longest since October 2016)…

Friday's ridiculous spike in WTI Crude has been unwound as non-OPEC producers Libya and Nigeria add supply while output from major shale plays is set to climb to a record next month.

Bonus Chart: If you thought a '666' crash low was spooky, then take a look at this chart. The S&P 500 just stalled at an exact 100% projection of the plunge in 08/09…

Bonus Bonus Chart: So now we rip?


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