Courtesy of ZeroHedge View original post here.
So when does the never-ending stock-market pump have its “Leeroy Jenkins” moment?
Chinese markets were ugly overnight (not helped by the chaos in Hong Kong)…
Source: Bloomberg
European markets were mixed with Germany and Italy lower and UK’s FTSE leading…
Source: Bloomberg
The Dow outperformed (for idiosyncratic reasons) as the rest of the US market failed to regain green after weakness overnight…
Boeing, Walgreens Boots, and Apple rescued The Dow from the same fate as the rest of the market today (+150 points between them).
Source: Bloomberg
The SMART Money is not buying this latest melt-up…
Source: Bloomberg
The stock market’s belief in a US-China trade deal remains elevated BUT has faded after last week’s exuberance…
Source: Bloomberg
With bonds closed, momo was free to do its thing and rallied notably diverging from bond ETFs…
Source: Bloomberg
VIX opened with a 13 handle but was quickly pushed back to a 12 handle (though higher on the day)…
But the VIX term structure is now at its steepest since before the XIV massacre in Feb 2018…
Source: Bloomberg
The bond market was closed today for Veterans Day but Treasury Futures chopped around (higher in price, lower in yield), implying around a 1-2bps compression in rates…
Source: Bloomberg
The Dollar ended the day lower, driven by cable gains more than anything else…
Source: Bloomberg
Cable surged higher intraday after Nigel Farage agreed not to contest Tory-centered counties in the general election…
Source: Bloomberg
Offshore Yuan has erased last week’s exuberance over a trade deal…
Source: Bloomberg
Yuan and Stocks decoupled…
Source: Bloomberg
The Chilean Peso plummeted back to record lows amid its constitutional crisis (coup)…
Source: Bloomberg
Cryptos are mixed since Friday with Bitcoin Cash and Litecoin higher but Ripple and Bitcoin lower…
Source: Bloomberg
Bitcoin was ugly overnight but bounced back a little intraday…
Source: Bloomberg
Silver surprised to the upside as the dollar fell but gold, crude and copper were lower…
Source: Bloomberg
Gold was battered further today, despite dollar’s weakness…
Source: Bloomberg
To its lowest in over 3 months and below key technical levels (futures bounced off $1450 intraday)…
But silver rebounded stronger than gold…
Finally, for those buying stocks based on a rosy rebound in economic conditions and earnings, think again – it’s all priced in!!
Bottom-Up…
And Top-Down…
For now, its 2013-echoes for the rest of the year… or bust!
Source: Bloomberg
Trade accordingly.