China, Chips, CAT, Crude, Copper, & Crypto All Clubbed...

So... apart from China's Industrial profits collapsing, CAT earnings crashing, NVDA's outlook crushed, The ECB talking back up QE as the EU economy is clubbed like a baby seal, and US earnings expectations at 6-month lows, "all is well"...

China's Industrial Profits plummeted overnight, and stocks did not see the "good" news in that bad news...

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Yuan spiked to 6-month highs (after a big strengthening of the fix) before tumbling back weaker on the day

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European markets opened weak, bounced briefly and then weakened into the close. UK's FTSE is down 5 days in a row...

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As European banks rolled over hard, unable to sustain any gains...

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US Futures were weak from the open last night and as CAT and NVDA hit (The Dow and Nasdaq most respectively), markets legged lower into and across the open.

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Trannies managed to scramble back to unchanged as China talks headlines were dropped yet again...

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Dead CAT did not bounce...

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Nvidia was clubbed like a baby seal...

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The market is running out of short-squeeze ammo...

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Credit and equity protection costs surged on the day (equity more than credit)...

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Treasuries ended the day lower in yield (though the ubiquitous late day ramp in stocks prompted selling bonds led by the long-end)...

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This is the 15th day in a row that 10Y Yield closed with a 2.7x% handle...

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Stocks and Bonds recoupled today...

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The dollar trod water on the day despite some serious vol in the Yuan...

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The week has not started well for cryptos...

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