Dollar Jumps, Yuan Dumps, Dow Slumps As Chinese Return To Work

The Lunar New Year celebrations are over - China was up... Europe was up... But The Dow closed down - is that even allowed?

Chinese traders returned from their week-long vacation and played catch up to global stocks, with tech-heavy CHINEXT soaring 3.5%...

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Having drifted lower during the lunar new year celebrations, Offshore Yuan spiked at the open, but then plunged as the day wore on...

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European markets surged out of the gate after China's gains...

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US equities surged overnight as Europe opened then dumped it all back as the US cash markets opened...Futures show the late-Friday-close panic-buying gains evaporated...

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In cash markets, Trannies soared, Nasdaq and S&P struggled all day and The Dow was red...

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"Most Shorted" stocks were squeezed again - erasing the drop from last Thursday

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S&P is holding just above its 100DMA...

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Equity and credit protection costs were higher on the day but faded (improved) into the close...

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Treasury yields ended the day higher, despite equity weakness (and dollar gains)...

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Chatter of a huge investment grade calendar likely prompted the marginal weakness in bonds as rate-locks set

However, 30Y held just below 3.00%...

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The dollar index surged by the most in 3 months for its 8th daily gain in a row into the green for 2019 - the longest win streak since Jan 2016...

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This is the biggest 8-day gain in the dollar since June 2018.

The last few times that the dollar has surged at this pace, things reversed rather quickly...

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Ugly day for cable today...

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