It's beginning to get hard to ignore the carnage coming from China...
Video length: 00:01:12
So Macro data is collapsing...
(Click on image to enlarge)
Commodities are collapsing...
(Click on image to enlarge)
And earnings expectations are tumbling...
(Click on image to enlarge)
Obamacare repeal trump'd commodity carnage and then stocks clung to unch...
(Click on image to enlarge)
The Dow is unch post-Fed, bonds and stocks lower...
(Click on image to enlarge)
VIX was smashed lower after the Obamacare Repeal vote, desperate to keep Nasdaq green to show what a great thing this Bill is...
(Click on image to enlarge)
The S&P 500 has now closed within a point or so for 8 days...
(Click on image to enlarge)
USDJPY ended at the lows of the day...
(Click on image to enlarge)
Commodity carnage was the theme of the day as tightening Chinese financial conditions combined with collapsing WMP issuance are sucking the exuberance out of stocks, bonds, and industrial metals...
(Click on image to enlarge)
The Dollar Index tumbled, back below pre-French election levels..
(Click on image to enlarge)
And 30Y yields back below 3.00% (despite another kneejerk higher)...
(Click on image to enlarge)
For now, Trannies and Small Caps are the only ones seemingly aware of reality as Nasdaq tech malarkey remains open bid...
(Click on image to enlarge)
Brent broke below $50, WTI ended with a $45 handle and RBOB below $1.50... There will be blood...
(Click on image to enlarge)
Citi FX traders noted that as for WTI from here, we’ve noted that $47.00 is the level to watch on a weekly closing basis. Now testing $45.90, our oil colleagues warn that there’s “capitulation out there.”
(Click on image to enlarge)
Open interest has reached a record high. Directionally, in addition, to unwinds, fresh selling has been noted since late April - even before players took to focus on the (now distant) 200d MA.
(Click on image to enlarge)
That selling continues in this downturn. Psychological support is undoubtedly the $45 area and should that go, that constructive oil will likely get quite worried. Of course, there’s OPEC but with the market now fully expecting a 6m extension, that announcement may have fleeting impact.
The crude carnage smashed the Ruble to 2-month lows (testing its 100DMA...
(Click on image to enlarge)
Meanwhile, Silver ETF is down 14 days in a row - and all-time record run...
(Click on image to enlarge)
Comments
Log in or sign up to join the conversation.