Yellen warns “valuations are at the high end of ranges” but tax cut details diss stocks.

It was all going great until I hit 310kph…

Ugly data from China overnight sent China bond and stock prices lower…

Notably Gold remains the only asset higher since the Saudi chaos…

All Cash Indices ended the day red but the dip-buyers rescued Dow, S&P, and Nasdaq green fro the month…

Futures show the crazy swings best once again… Dow (blue) almost ramped back to unch for the week…

VIX and USDJPy worked their magic to ramp stocks numerous times…

AAPL shares were down for the 4th day in a row…

FANG stocks fell on reports that SALT deductions would remain in the House Bill but dip-buyers came back in…

ROKU tumbled 13% as it appears the short squeeze is over…

VIX (equity protection costs) is starting to wake up a little as credit risk protection costs rise…

High yield bond prices fell to fresh 8 month lows…

As HY spreads surged once again – led by Comms…

Credit and Equity decoupling continues…

Hotter than expected PPI prompted the yield curve to flatten dramatically (2Y +1bps, 30Y -4bps)…

Sending the yield curve to fresh flats for the cycle – the flattest since Oct 2007…

The Dollar Index dropped to 3 week lows…

As EURUSD surged today on what Citi called “no news, no data,  no catalyst” as the algos seemed keen to lift it back to pre-ECB levels…

WTI Crude fell over 2% today, back below $56 on IEA demand outlook cuts…

Dollar weakness helped PMs today but the massive surge in volume as Gold bounced off its 200DMA was the most notable…

So to sum the day up… China Down, Dollar Down, Yield Curve Down, Credit Down, Stocks Down, Gold Up

http://www.zerohedge.com

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