Having ramped since the cash market open to run the stops over last week's highs, US equity markets are suddenly tumbling on reports that US-China trade talks have hit a snag over farm purchases...

China is also resisting US requests for tech-transfer curbs and any enforcement mechanism.

The market is not happy...

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And the timing is perfect having run the stops and run out of squeeze ammo...

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Yuan is back at 10-day lows...

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Source: Bloomberg

As trade deal odds slide...

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Source: Bloomberg

Will stocks catch down to bonds?

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Source: Bloomberg

How long before Trump or Kudlow tweet that a deal is close?