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Dow Ties Worst Losing Streak In 40 Years

Courtesy of Zero Hedge

This is easy…

The brief respite for Chinese stocks disappeared overnight…

And it appears to be finally leaking into American stock markets too…

The Dow closed red… again… for the 8th day in a row…

There has not been a longer Dow losing streak since 1978!!

The Dow is down over 1% YTD while Nasdaq is up almost 12%…

This is the worst year-to-date divergence between Dow/Nasdaq since 2009…

Is the short-squeeze over? "Most Shorted" stocks suffered their biggest down day since April 6th today (but even then they tried to squeeze the open)…

NOTE – this was only the 2nd down day for the "most shorted" stocks in June (down 3 of the last 21 days)

Another day, another dip in FANG stocks bought (though ended lower on the day)…

Amazon was down but nothing like as bad as many of the other online retailers (after SCOTUS' decision)…

VIX traded back above 15 today…

As we suspect the vol term structure is starting to wake up to the looming reality of the actual imposition of the trade tariffs and retaliations…

Treasuries were bid today with yields down 3-5bps, pushing all yields lower on the week…

The Dollar Index took a dive early on (but cable was the big gainer that led the way in the majors on the back of a hawkish BoE)…

While the drop felt notable (it was the biggest daily drop in June) – compared to last week's ECB surge it was a storm in a teacup…

Longer-term it seems the dollar index is stuck in resistance…

Cryptos leaked lower all day today, no major catalyst evident…

On the day copper was the biggest loser with WTI, gold, and silver unchanged; but on the week so far, quite a divergence…

WTI ended the day unchanged after testing down towards a $64 handle and above a $66 handle ahead of OPEC…

Notably, the massive discounts for Permian crude tumbled today…

And as we reflect on the oil complex ahead of tomorrow's OPEC decision, we thought this might be useful…

And the last time OPEC broke apart in November 2014… pic.twitter.com/f2MT0tIGuh

— zerohedge (@zerohedge) June 21, 2018


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