If "greed" is good...then "Extreme Greed" is better...

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Source: CNN

And when you're 'extremely" greedy, you don't need hedges... hence the "put-puke" - which saw a very modest reversal today after days of collapse...

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Source: Bloomberg

And, thanks to Trump's comments and China Global Times' "lies" response, the market's pricing of a US-China trade deal slipped...

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Source: Bloomberg

Which sent US equity markets red after hope-filled overnight markets expected something great from Trump's speech, (but Larry Kudlow came on CNBC around 1500ET and jawboned stocks and then a well-timed headline on tax cuts lifted stocks a little more)...

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Source: Bloomberg

Big reversal in cyclical stocks today as hope for Trump's trade speech faded...

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Source: Bloomberg

Shorts were squeezed at the open once again BUT this time it was different as "most shorted" stocks were slammed lower...

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Source: Bloomberg

The recent series of fresh record highs for U.S. stocks is not being matched by a gauge of broader market strength, suggesting the gains should be treated with caution.

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As Bloomberg reports, The McClellan Oscillator, a measure of breadth momentum, is trading below zero -- an “unusually weak reading” with the S&P 500 Index at all-time highs, according to Sundial Capital Research Inc. founder Jason Goepfert. The divergence is a modest near-term negative for stocks, having preceded poor short-term returns in the past, he wrote in a note Monday.

And the SMART Money flow remains unimpressed...

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Source: Bloomberg

Having reopened after yesterday's Veterans Day closure, bonds were bid today...

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Source: Bloomberg

A massive 10-part $30 bn debt issue from Abbvie (to fund its purchase of Allergan) perhaps explains the surge in yields late last week as managers enacted rate-locks...

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Source: Bloomberg

Meanwhile, elsewhere in bond-land, it appears the idea of Legere taking over as CEO has done nothing for WeWork as its bonds collapse to new record lows (yield now at 14.5%)...

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Source: Bloomberg

And just in case you wondered, the cost of hedging against a Chinese currency devaluation or sovereign debt crisis is the lowest since 2008...

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Source: Bloomberg

The dollar rallied for the 6th day of the last 7...

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Source: Bloomberg

Offshore Yuan slipped lower today as trade deal odds fell...

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Source: Bloomberg

The Chilean Peso plummeted to a record low, over 800/USD for the first time...

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Source: Bloomberg

Cryptos were somewhat volatile today but ended almost unch...

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Source: Bloomberg

Commodities were divergent today with crude and copper sliding as PMs rallied late on...

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Source: Bloomberg

Gold was hit multiple times but rebounded each time and ended marginally higher...

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Finally, it seems the upside momo from trade headlines has been used up as markets seemed more comfortable selling rips today on any hesitation...

$SPX algo’s when a new trade deal headline hits pic.twitter.com/xdBuDPvlUP

— MONETARY MAYHEM™ (@MONETARY_MAYHEM) November 12, 2019

And very quietly, the money is moving away from Elizabeth Warren...

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Source: Bloomberg

And while the odds are high that the House impeaches, they are just as high that the Senate won't and Trump will serve out his first term...

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Source: Bloomberg