On Friday we remarked how 'odd' the surge in stocks was relative to the unchanged levels of bonds, dollar, and gold. While this morning started exuberantly (as usual), stocks have given back their overnight gains and are sinking rapidly back to other asset-class realities.
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Breakevens have tumbled...
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And VIX is spiking back above 16 after its flash crash on Friday
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Bitcoin led the decline...
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