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Bonds & Bullion Bid As Fading Stimulus Hype Sinks Stocks, Dollar

Courtesy of ZeroHedge View original post here.

up. down. good. bad. "best economy ever". "recession imminent". record highs. record lows.

Chinese stocks were broadly flat overnight but tech-heavy ChiNext was weaker…

Source: Bloomberg

European stocks were all weaker today, accelerating lower after the Italian political chaos…

Source: Bloomberg

Italian bond yields plunged today after the political chaos (likely delaying the budget-busting vote)…

US equity markets gave back a good chunk of yesterday's hype-fueled gains…

Dow futures show the pump and dump best…

Sure enough the short-squeeze ran out of ammo and slumped…

Source: Bloomberg

2019 still looks oddly similar to 1998…

S&P slipped back down to its 100DMA

FANG stocks gave up all Monday's gains…

Source: Bloomberg

Bonds and stocks remain dramatically decoupled…

Source: Bloomberg

In fact the correlation between bond yields and stocks (typically positive – higher yields, higher stock prices), is its most negative since 2007…

Source: Bloomberg

Treasury yields continued their slide lower today after a brief bounce…

Source: Bloomberg

With 30Y heading back towards 2.0% again…

Source: Bloomberg

And the yield curve resumed flattening…

Source: Bloomberg

And the Term structure-implied odds of a recession are now above 70%…

After 6 straight days higher (to the highest since 2018), the dollar index slipped lower today…

Source: Bloomberg

Cryptos were broadly lower today (Bitcoin held above $10k)…

Source: Bloomberg

Silver outperformed notably on the day and oil prices dumped and pumped…

Source: Bloomberg

Spot gold prices bounced back above $1500…

Source: Bloomberg

And Silver popped back above $17…

Source: Bloomberg

Silver significantly outperformed gold on the day…

Source: Bloomberg

WTI Crude tumbled after the US cash market open but was bid back to unchanged ahead of tonight's API inventory data…

Source: Bloomberg

Finally, bond markets are oddly alone in their volatility currently…

Source: Bloomberg

And gold continues to track the world's policymaker idiocy perfectly (Crypto has some catching up to do)

Source: Bloomberg

And the correlation between bonds (prices) and bullion (prices) has never been higher…

Source: Bloomberg

Safe-Haven bid anyone?


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