It just got real in the trade war...

China started ugly but was rescued back to merely unattractive...

(Click on image to enlarge)

Huawei bonds plunged...

(Click on image to enlarge)

European markets were ugly with Italy leading the way...

(Click on image to enlarge)

European technology stocks had the worst day since Apple’s revenue warning in early January as the Huawei hammering rippled through markets...

(Click on image to enlarge)

But Europe also suffered as Deutsche Bank hit new record lows...

(Click on image to enlarge)

The Nasdaq led today's declines in US markets (thanks to blowback from Trump's Huawei move and Google's decision)...

Futures show the action really accelerated during European hours as Google and others cut ties from Huawei...

(Click on image to enlarge)

Trannies managed to get back green briefly (and Dow tried desperately)...

(Click on image to enlarge)

S&P's Buy-The-F**king-Open pattern continues...

(Click on image to enlarge)

Dow futures seem to have found support around 25,500-600...

(Click on image to enlarge)

Small Caps broke below their 100-DMA (already below the 50- and 200-DMA)

(Click on image to enlarge)

As Tech wrecked...

(Click on image to enlarge)

Semis sucked...

(Click on image to enlarge)

Sprint spiked on FCC T-Mobile approval headlines then dropped on DOJ un-approval rumors...

(Click on image to enlarge)

Tesla stock tumbled below $200 for the first time since Dec 2016 (bonds collapsed to record high yields)...

(Click on image to enlarge)

And TSLA CDS spiked...

(Click on image to enlarge)

Credit and equity protection costs were notably higher... (the former blowing out more)...

(Click on image to enlarge)

Despite equity weakness, bonds were also sold today with the curve around 2-3bps higher in yield (except the long-end outperformed)...

(Click on image to enlarge)

NOTE - the selling started the moment US cash equity markets opened.

The yield curve was yanked steeper today, drastically avoiding the inversion signal...

(Click on image to enlarge)

The dollar slipped lower on the day...

(Click on image to enlarge)

Yuan was higher on the day but well off the overnight spike highs...

(Click on image to enlarge)

Colombia's Peso was pummeled to Feb 2016 lows...

(Click on image to enlarge)

Cryptos were weaker today but held on to their gains over the weekend...

(Click on image to enlarge)

Bitcoin reached a new cycle high overnight but gave back some during the day, sliding back below $8000...

(Click on image to enlarge)

WTI managed to hold on to gains today thanks to three surges off the lows...

(Click on image to enlarge)

Silver outperformed gold on the day...

(Click on image to enlarge)

Finally, the outlook for U.S. companies doing business with China is growing more gloomy...

(Click on image to enlarge)