Investors clung to the positivity of The Dow today, ignoring the recessionary indications from sentiment indicators, tumble in earnings expectations, Nasdaq slump, and bod for safe-haven bonds and bullion... remember again "The Dow was green... Don't forget the FOMC 'Drift'"...
China tech stocks tumbled overnight as Huawei headlines rippled through Asian suppliers...
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European stocks rebounded with UK's FTSE leading (closed before all the amendments were voted on)
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US markets were very mixed with The Dow positively diverging from Nasdaq at the cash open, then all tumbling together into the European close...
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The Dow desperately clung to green into the close as Small Caps, S&P and Nasdaq all ended red...Trannies outperformed
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It appears for now that the squeeze has run out of ammo...
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CAT rebounded modestly from yesterday's ugliness but NVDA did not...
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Credit spreads compressed today but VIX was flat...
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Bonds were bid today safe-havens rallied on Nasdaq weakness. Notably, the long-end continues to underperform...
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The 16th day in a row that 10Y Yields have traded with a 2.7x% handle...
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For the second day in a row, the dollar trod water in a very narrow range...
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Cable chopped around (in a surprisingly small range) amid various Brexit headlines then dumped after MPs rejected the Brexit delay amendment...
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Offshore Yuan found resistance/support at its 200DMA...
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Cryptos dropped and popped on the day but remain lower on the week...
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Crude (ahead of API inventory data) and Copper rebounded today and PMs rallied...
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Spot Gold surged to 8-month highs today as gold futures triggered a 'GOLDEN CROSS' pattern (50DMA crossing upwards thru the 200DMA)
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Gold pushed back into the green against the Yuan for 2019 also...
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Finally, with The Fed due to make a statement (and a press conference) tomorrow, we note that since The Fed hiked rates in December, Gold is the clear winner outpacing stocks (USDollar lower)
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And as The Fed prepares to tell us how everything is still awesome BUT they want to be cautious - or some such bollocks - we note the Conference Board's expectations index has crashed in the last 3 months by an amount that has always been associated with the recession...
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And Jeff Gundlach agrees...
The most recessionary signal at present is consumer future expectations relative to current conditions. It’s one of the worst readings ever.
— Jeffrey Gundlach (@TruthGundlach) January 29, 2019
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