A day full of hope, and in the end... you get nothing!

Chinese markets started off weak but that drop was met with a wall of National Team buying, only to see more selling pressure stocks lower into the afternoon session close...

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European markets were mixed with DAX leading and Spain and Italy flat, though well of the intraday lows...

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US Futures show the roller-coaster ride today with overnight headlines of China's reneging starting the decline, Trump tweets and Sanders reiteration prompted hope-filled gains, and then China's retaliation headlines sparked selling...

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Stocks were holding hopeful gains until the last 15 minutes which - as opposed to yesterday's panic-bid - dumped...

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With a major sell program hitting...

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The Dow fell back below its 200DMA

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LYFT was clubbed like a baby seal after a brief spike on earnings...

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VIX slipped lower on the day but remains at an 18 handle...

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VIX Term Structure remains inverted for a 3rd day in a row...

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Treasury yields started the day off lower but after an ugly 10Y auction spiked higher...

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We also note a large $20bn IBM bond sale likely put upward (rate-lock) pressure on yields all day.

10Y Yields spiked after the ugly auction, reaching up to its Monday opening levels...

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The dollar trod water for a 3rd day as the European market buying continues...

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And while the dollar flip-flopped all day, yuan slid lower all day...

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Cryptos were hit again overnight on Binance hack headlines, but Bitcoin rallied back...

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Commodities were largely lower on the day but crude managed gains after a surprise crude inventory draw...

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Brent Crude futures just achieved a 'bullish' golden cross...

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Finally, FX, Credit, Oil, and Gold vols appear to be shrugging off this week's sudden outburst of vol while bonds and stocks are seeing volatility expectations explode...

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