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Stocks Slide Ahead Of Fed Amid Trade-Fade, Brextension Bounce

Courtesy of ZeroHedge View original post here.

The market is priced for a rate-cut tomorrow (94% odds and The Fed has never disappointed when priced this high)…

Source: Bloomberg

But, what stocks won't like is that Fed Funds appear to be pricing a cut-and-pause…

Source: Bloomberg

And that could be a problem as stocks appear to be demanding almost 3 more rate-cuts…

Source: Bloomberg

But then again, Powell knows, "the show must go on!"

China was ugly overnight…

Source: Bloomberg

Spanish stocks were the big laggard in European markets

Source: Bloomberg

US stocks were mixed on the day with Alphabet dragging down Nasdaq but squeezefests pushing Small Caps higher (S&P hit a new intraday record high early)… Dow, S&P, and Trannies lost their gains into the close…

NOTE the 1200ET drop on a trade-related headline talking down the deal…

The weak open was bid/squeezed but after 1400ET, "Most Shorted" stocks started to accelerate lower into the close…

Source: Bloomberg

Yuan and stocks tumbled on the trade deal headlines but the machines were quick to bid back stocks… but were unable to hold them against the reality that yuan was signaling…

Source: Bloomberg

After rallying for 7 of the last 8 days, AAPL tumbled (on trade talk) – its worst day in 4 weeks…

GrubHub gagged…

Source: Bloomberg

Beyond Meat barfed (on lock-up expiration fears after putting up big numbers last night)…

Source: Bloomberg

Treasury yields ended the day practically unchanged ahead of tomorrow's FOMC, but bonds rallied from weakness overnight…

Source: Bloomberg

The Dollar ended lower for the second day in a row…

Source: Bloomberg

Cable bounced on election headlines and Brexit delays but faded back into the close…

Source: Bloomberg

Most cryptos were flat today but Bitcoin Cash soared overnight…

Source: Bloomberg

Bitcoin flatlined for another day…

Source: Bloomberg

Copper managed very modest gains on the day but PMs and crude ended marginally lower…

Source: Bloomberg

Choppy day in oil-land as WTI rejected a $54 handle ahead of tonight's API inventory data…

Gold remained below $1500 as Silver bounced off $17.60…

Finally, as stocks hit new record in intraday highs, the last six months has been dominated by defensive positioning as cyclicals remain lower…

Source: Bloomberg

With US Macro data dumping in October (down 10 days in a row) after Q3's "use it or lose it" panic…

Source: Bloomberg

 

 


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