Yeah that happened...

Video length: 00:02:19

China was ugly overnight (after The National Team tried to save things on Tuesday)...

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European stocks rebounded (along with US stocks early) on the heels of soothing White House comments - but remember they closed before the collapse in US had got going...

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But that dead-cat-bounce died again as Larry Kudlow assured investors that Trump was not backing away from China at all... The Dow ended down ove 450 points from its highs of the day...

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Small Caps are clinging to their June gains still...

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This is now the 3rd day in a row the The Dow has closed below its 200DMA - something that hasn't happened since March 2016

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Banks bloodbath'd

Remember the 'fortress balance sheet' banks - "no brainers" in a rising rate, lower regulation environment? Yeah how's that working out for you? S&P Financials index is down 13 days in a row - a record losing streak - and has seen 10 days in a row of fund outflows (also a record).

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“What we see here is the market taking a glass-half-empty type of view of potential risks,” Sandler O’Neill & Partners analyst Jeff Harte said on Bloomberg TV. “The really big investing-centric banks have taken it on the chin even more because I think people are rightly concerned about trade wars. They’re truly international companies so the extent that trade wars were to break out, it would be worse news for them.”

And while US financials were lower, the collapse of Deutsche Bank once again today, sent GSIBs (Global Systemically Important Banks) down to 14-month lows...down 22% from the highs.

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Time for US Stocks to catch down...

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VIX topped 18...

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Emerging Markets were massacred today after a few days of respite. The surge in the dollar crushed EM stocks (blue) which are catching down to the early warning signals from EM FX and EM Debt...

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Treasury yields tumbled across the curve with the long-end outperforming...

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30Y dropped back below 3.00%...

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And the yield curve flattened to a new cycle low...collapsing since The Fed hiked rates

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The Dollar Index surged again today - the biggest 2-day spike in over 2 months...

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Yuan is in freefall... smashing above 6.62/USD today and down over 6% in the last few weeks...

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Makes you wonder...this 10-day losing streak is the longest ever

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And the inversion of the Yuan vol term structure is eerily reminiscent of the collapse in February..

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Just when you thought the worst was over for Emerging Market FX... it collapses...

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Dollar strength weighed broadly on commodities with silver underperforming but WTI exploded higher on the back of solid inventory data...

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WTI tagged $73 and last month's highs and then faded..

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Crude is now at its most expensive in terms of silver since Nov 2014...

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Gold/Silver surged...

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Finally we noted that as the dollar spiked, so did WTI - competing against each other to see who break the most correlation algos...

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