Gold Gagged With Bonds Away But Boeing, Boots, & Apple Save Stocks

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)...

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Source: Bloomberg

European markets were mixed with Germany and Italy lower and UK's FTSE leading...

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Source: Bloomberg

The Dow outperformed (for idiosyncratic reasons) as the rest of the US market failed to regain green after weakness overnight...

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Boeing, Walgreens Boots, and Apple rescued The Dow from the same fate as the rest of the market today (+150 points between them).

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Source: Bloomberg

The SMART Money is not buying this latest melt-up...

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Source: Bloomberg

The stock market's belief in a US-China trade deal remains elevated BUT has faded after last week's exuberance...

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Source: Bloomberg

With bonds closed, momo was free to do its thing and rallied notably diverging from bond ETFs...

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Source: Bloomberg

VIX opened with a 13 handle but was quickly pushed back to a 12 handle (though higher on the day)...

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But the VIX term structure is now at its steepest since before the XIV massacre in Feb 2018...

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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...

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Source: Bloomberg

The Dollar ended the day lower, driven by cable gains more than anything else...

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Source: Bloomberg

Cable surged higher intraday after Nigel Farage agreed not to contest Tory-centered counties in the general election...

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Source: Bloomberg

Offshore Yuan has erased last week's exuberance over a trade deal...

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Source: Bloomberg

Yuan and Stocks decoupled...

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Source: Bloomberg

The Chilean Peso plummeted back to record lows amid its constitutional crisis (coup)...

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Source: Bloomberg

Cryptos are mixed since Friday with Bitcoin Cash and Litecoin higher but Ripple and Bitcoin lower...

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Source: Bloomberg

Bitcoin was ugly overnight but bounced back a little intraday...

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Source: Bloomberg

Silver surprised to the upside as the dollar fell but gold, crude, and copper were lower...

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Source: Bloomberg

Gold was battered further today, despite dollar's weakness...

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Source: Bloomberg

To its lowest in over 3 months and below key technical levels (futures bounced off $1450 intraday)...

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But silver rebounded stronger than gold...

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Finally, for those buying stocks based on a rosy rebound in economic conditions and earnings, think again - it's all priced in!!

Bottom-Up...

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And Top-Down...

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For now, its 2013-echoes for the rest of the year... or bust!

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Source: Bloomberg

Trade accordingly.