Trump took a few shots at China today, which didn't help, but realistically today's drop makes as much sense as yesterday's rally on the back of absolutely nothing from China...
Video length: 00:00:35
While there was some dip-buying in Italian banks (and bonds) today...
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We note that Italian equity risk is now double that of US stocks...
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And Italian credit risk is now perceived as higher than Russia's...
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And while US equities opened in the green, they accelerated lower all day long...
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Small Caps managed to tag new intraday record highs again...
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Before tumbling back to earth as the short-squeeze ammo ran out...
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It's worth looking at that ridiculous close once again, in close-up...
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US and EU banks managed gains today...
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Elon Musk is not happy...
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Stocks caught down to reality...
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Treasury yields traded in a very narrow range once again...
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Second day in a row that the European open prompted a selling wave momentum reversal in the Dollar Index...
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This is the 2nd consecutive daily drop in the dollar - the first time since April 15th
Emerging Market currencies bounced for the second day in a row...
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Despite the collapse of Turkey's Lira...
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Cryptocurrencies carnaged today...
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Copper and Silver outperformed today, Gold managed gains but chatter about OPEC possibly increasing output to offset Venezuela sent crude prices lower...
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Finally, the SMART money just started dumping its stocks again...
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