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China Commodity Carnage Continued Overnight As Brexit Fears & Bitcoin Cheers Dominate

Once again weakness in the US carried through to Asia with stocks unable to hold any National-Team-inspired gains, but it was the contagion to commodities that stood out (as a hike in exchange fees snuffed out a lot of speculative fervor). However, the surge in Bitcoin (over $15k) and Brexit anxiety (cable vols highest since general election) was most notable.

CME Unveils "Weirdest Chart Ever"

"Additional Fed tightening will flatten the yield curve more, which will eventually provoke an explosion in volatility as the VIX’s average level might double from current levels..."

UBS Unveils Its Top 5 Themes And 19 Trades For 2018

UBS today released its top 5 themes and 19 trades for 2018. Not surprising from the bank whose 2018 base case is S&P 2,900, the bank is optimistic and notes that the Kool-Aid party will continue unless "underlying macro shifts reveal fragilities in asset valuations." Well, yeah...