Probably nothing...
Gold leads 2017...
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US equities had their worst day of the year...
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Pushing Small Caps back into the red for 2017...
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Energy still 2017's worst performer (down 2.3% today!) but banks and tech were hard-hit today...
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Energy stocks were today's worst...
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Did stocks just wake up to the lack of Trumpflation trade...?
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And financial conditions remain considerably tighter than stocks believe...
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The last 3 days have been the biggest plunge in "Most Shorted" stocks since the election...
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FITBITE...
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Alphabattered...
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VIX spiked above its 50DMA intraday...
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Dow dived back below 20k...
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VIX Vol spiked
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Interestingly while the cost of protecting against downside risk on the S&P 500 (lower panel) has been declining (lowest since Sept 2014), the cost of protecting against a spike in risk (upper panel) has soared to one-year highs...
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And bear in mind VIX specs just broke to a new record short...
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SMART money - as defined by Bloomberg's market flow index - has been fading the rally since The Fed hiked rates...
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A lot was made about why bonds did not rally more today amid the plunge in stocks...
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The answer is simple - A MASSIVE MSFT BOND ISSUANCE meant rate-locks and rotations.
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The USD Index slipped lower on the day (Yen strength trumping cable weakness)...
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Copper and crude slipped today despite USD weakness... (gold briefly tested above $1200)
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Will the Trump gap of hope be filled...
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