Crude Crashes, Gold Gains As Defensives Dominate Stocks

Weak China PMI was greeted with a buying panic early on but by the close, Chinese stocks were lower on the day (with the tech-heavy indices leading the drop)...

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European stocks finally slowed their manic buying spree (but ended higher)...

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US equity markets extended yesterday's gains...Trannies - green - continue to lead the week (Nasdaq - blue - flatlined from the gap open today)...

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But Small Caps closed red...

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As the short-squeeze seems to be running out of juice...

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Today's gains were dominated by Defensive stocks, with Cyclicals notably underperforming...

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Stocks saw a notable sell program hit around 3pmET (same as we saw Monday)...

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BUT as one comic noted, for the third day in a row, stocks are suddenly cheaper in the last 10 minutes of trading as stocks went vertical once again. Dow futures are up almost 900 points from Sunday night lows...

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Stocks extended their decoupling from bond yields today...

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Very mixed day in bond-land today with the entire curve lower aside from the long-end (30Y +2bps, 2Y -4.5bps)

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Which has sparked a massive steepening in 2s30s...

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But the short-end remains dramatically inverted...

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After 4 straight days down, the dollar index spiked today - best day in 6 weeks (back to yesterday highs only though)...

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Yuan was weaker today...

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NOTE how far from offshore yuan (market levels), the yuan fix has been held.

Cryptos managed modest (2-5%) gains today but remain lower on the week...

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