A couple of tweets, and just like that $2.5 trillion of global equity market cap evaporates...

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As stocks went from 'everything is awesome' to the worst week of the year in an instant...

With global money supply failing to support the illusion...

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As stocks began to catch down to the far less exuberant global systemically important banks...

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China's National Team refused to let stocks fall overnight (following the tariffs) and obviously lifted the market dramatically. However, it was still the worst week of the year...

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An ugly week in Europe too with France and Italy worst...

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The week in US equity markets has been dominated by algos chasing headlines about trade talks with dead cat bounces giving way to reality checks...

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NOTE - today's "constructive" talks headline prompted the 4th biggest buy program of the month (PPT?).

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It seems it took the algos a long time to actually read He's and Mnuchin's comments:

• Liu He: "No talks are scheduled from here"
• Steve Mnuchin: "No future talks planned as of now"

But when they did, stocks rolled over...

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Smells like PPT turned up after Mnuchin's comments as VIX flash-crashed (signaled) at 0830ET today then fell after Mnuchin's comments...

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VIX has been inverted all 5 days this week...

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Prompting a huge short-squeeze lift. just like on Monday (fail) and Thursday (fail)...

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This is the seventh Friday in a row where a sudden panic bid lifted stocks...

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The Dow ended below its 50DMA for the 3rd day in a row but the rest of the majors scrambled back above the key technical level...DMA

And then of course, there's UBER...

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Second worst week of the year for credit markets...

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Treasury yields fell across the curve this week but the long-end notably underperformed...

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The Dollar ended the week unchanged...

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Yuan fell all week...biggest weekly drop in yuan against the dollar since June 2018

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Yuan tumbled to 4-month lows...

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Bitcoin soared on the week, along with Ethereum...

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Bitcoin rallied above $6400 as trade tensions escalate...

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Despite the dollar's flat week, silver slumped and crude managed gains...

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And finally, it appears "constructive" is the new 'put'...

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