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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Copper and Crude were ugly today as PMs early gains leaked away as the day wore on...

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Gold is up 6 days in a row...

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Testing (and fading) at Feb highs...

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Oil prices collapsed into a bear market today (down 22% from highs) after a surprise build across all products produced the biggest aggregate inventory build since 1990...

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“It’s the perfect storm, in a way, of increased supply coupled with perceptions of slowing demand growth,"said Marshall Steeves, energy markets analyst at Informa Economics in New York.

WTI tested down to a $50 handle (before ramping into the close) - the lowest since January 9th...

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Brent fell back below $60 for the first time since Jan...

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Both down around 22% from recent highs, which stocks are summarily ignoring for now...

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Is oil catching down to inflation breakevens?

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Judging by HY Energy credit markets, WTI has further to fall...

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The recent outperformance of gold (safe haven) vs oil (growth scare) is impressive (an ounce of gold now buys almost 26 barrels of WTI - up from just 20 barrels two weeks ago)...

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Finally, we give Rosie the last word:

Does this chart look bullish? 16 months of nothing except the dividend, volatility, and acute anxiety. The S&P 500 has crossed above and below the 2,800 threshold no fewer than 19x since first testing the milestone in Jan/18. Looks like an elongated topping formation to me. pic.twitter.com/3YaRu7YLuH

— David Rosenberg (@EconguyRosie) June 5, 2019