Vote Fiasco Leads To Longest Dow Losing Streak Since Election, VIX At 2017 Highs

Freedom Caucus To Trump/Ryan: "None Shall Pass"...

Video length: 00:04:25

Today's stock market (much more so than bonds and FX) was beholden to healthcare headlines all day...The Dow closed red - for the sixth day in a row - the longest losing streak since right before the election

0855 Drop - Freedom Caucus Meeting postponed
0930 Rally - Brady - 95% agreement of health bill
0940 Drop - Brooks - 30-40 "no" votes still
1030 Rally - Freedom Caucus Meeting
1300 Drop - Freedom Caucus Meeting ends with no agreement
1330 Rally - Spicer press conference confirms vote will take place tonight
1505 Drop - Ryan Press Conference Postponed
1520 Rally - Trump "we have a chance"
1530 Drop - House delays vote on health bill amid doubts it can pass
1557 Rally - Freedom Caucus committed to working with the President
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Small Caps outperformed but the delay news pushed everything lower into the close until the Freedom Caucus offered some hope right at the close...

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But in the context of Tuesday's drop, it's really not a bounce...

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VIX jumped back above 13, ending with its highest close of 2017...

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Across the asset classes

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Banks remain in the doldrums, dropping back into the red after a small hope-filled bounce early on...

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High yield bond prices dropped once again...

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Treasury yields traded in an extremely narrow range today but remain notably lower and flatter post-Fed...

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The Dollar Index also flatlined today (with Yen strength offsetting AUD weakness)...

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Gold remains stable as Bitcoin drops.

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The gap between fact and fiction has narrowed a little...

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Finally, this is what we hear from The Fed's so-called elites...FED'S WILLIAMS SAYS ECONOMY MOMENTUM VERY POSITIVE: WSJ - not so fucking much actually!!

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