Stocks Slammed As Liquidations Accelerate; Bitcoin, Bonds, & Bullion Bid

 

The front-end of the yield curve remains inverted and 2Y TSY-3M Libor is the most inverted since Trump's election...

 

And the eurodollar curves are priced for uber-dovishness...

 

And the Treasury Bill curve has got significantly perturbed around the possible government shutdown...

 

The Dollar Index slipped lower  all day extending Friday's losses...

 

Cryptocurrencies soared on the day - as we near the anniversary of Bitcoin's peak one year ago...

 

With a weaker dollar and dovishness all around, PMs rallied as crude and copper crumbled...

 

WTI traded back below $50...and settled below $50 for the first time since Oct 2017.

 

Finally, we note that across asset-classes: The Dow, Gold, and The Long Bond are down around 4% year-to-date while the USD Index is up around 4% year-to-date...

 

And for those hoping for a dovish Jay Powell on Wednesday to lift stocks into year-end, be careful what you wish for - Eurodollar markets are already priced for max dovishness and stocks are trading with a notable premium over that...

 

Sell the news? Looks like they already are as the world's largest stock index - the $23 trillion market cap NYSE Copmposite - has collapsed to its weakest since May 2017...

 

Q4 is not looking pretty...

 

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