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Stocks Pop, Gold Drops After ‘Calmed’ Korea, Debt-Ceiling Delay, & Dismal Data

Courtesy of ZeroHedge. View original post here.

Disappointing Data this morning was trump'd by some de-escalation with North Korea and a short-term debt-ceiling can-kicking – stocks rallied, bonds & bullion leaked lower, and the dollar was unable to get back into the green…

The biggest headlines of the day came out of DC (as usual) with Trump seeming to de-escalate his rhetoric with North Korea (prompting a drop in gold)…

And then Trump acquiescing to Democrats' demands on the debt-ceiling, sending gold lower and crushing October bill yields…

However, it merely kicked the can from October bills…

to December bills…

Some context for today's bounce however…

Equity markets got a boost from the news…but was unable to recover yesterday's losses… (NOTE – stocks were weak into the close)

Two decent short squeeze efforts today to ignite some momo…

VIX was clubbed like a baby seal once again as all risks were removed from markets…

Vols across all major indices fell today but remain higher from Friday…

FANG Stocks were panic bid today – erasing all of yesterday's losses…

Bonds and Stocks remain completely decoupled…

Treasury yields rose on the day, after the debt-ceiling deal was agreed, but in context, bonds remain lower in yield on the week…

With 10Y Yield hovering at 2.10%…

The Dollar Index closed lower on the day, hit by weak ISM data…

The Loonie soared today after BOC unexpectedly hiked rates…

WTI Crude rallied back above $49 – one month highs – as RBOB Gasoline slipped lower amid refinery restarts (ahead of tonight's API inventory data)

Gold and Silver dropped today…barely…

Lot of chatter about OJ Futures today but we note that the front-month Nov contract tumbled over 3% – but remains well above last week's levels…

Finally, Bitcoin bounced back impressively after China's ICO ban…

Bonus Chart… You are here…


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