Disastrous Bond Auction Sparks Rate-Rout Selloff In Stocks

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The dollar ended marginally lower after scrambling up to unch after a weak overnight session...

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Cryptos were down modestly on the day with Bitcoin the only major that remains green on the week...

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With Bitcoin unable to scramble back above $12k for now...

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Commodities rolled over today as the dollar recovered

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Silver marginally outperformed gold today...

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But gold held above $1400...

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Finally, we note the following from Strategas:

"nearly all of the incremental news on China since the G-20 has been negative. There is no trade meeting set; China is questioning what the US said was agreed to .. The China hardliners seem to be taking over and trying to wait Trump out past the 2020 election."

And this tweet from China's current twitter mouthpiece:

"Congrats to American investors. But watch your President and don’t let him trigger recession with the trade war."

As we have noted numerous times, it's not the economy, or trade, or earnings, or sentiment... it's central bank liquidity, stupid!

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