Crypto Crashes, Black-Gold Bid, & Lira Lifted As Yields, Stocks Shrug

Once again, bonds were dumped and every effort was made to pump the S&P back above 3,000 (again)...

Chinese stocks were weak overnight...

Source: Bloomberg

European stocks were mixed with Germany's DAX leading and UK's FTSE lagging on the week...

Source: Bloomberg

US equity markets were unable to make any progress today, losing early gains (but managed a small gain into the close as The Fed unveiled even bigger repo operations)...

US Futures markets were chaotic again overnight - panic-puked at the Japan open (mirroring the panic-bid the previous night)...

Boeing and Caterpillar initially whacked Dow futures but were miraculously bid (until the EU close after which stocks faded)...

Algos were once again focused on getting S&P back above 3,000...

Another day, another short-squeeze...

Source: Bloomberg

Momo was dumped once again...

Source: Bloomberg

Bank stocks continue to outperform but have decoupled from the yield curve...

Source: Bloomberg

Treasury yields ended the day practically unchanged, roundtripping from overnight bond buying to selling during the US day session...(NOTE - same pattern for 3 days)

Source: Bloomberg

30Y Yields returned to unchanged on the week...

Source: Bloomberg

The market is now almost entirely convinced that The Fed will cut rates next week... and The Fed never lets the market down at this level of certainty...