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Stocks Dip As Credit, Copper, & Yield Curve Dump Trumps Crude & Dollar Pump
Triple whammy of dismal US data (CFNAI, Manufacturing PMI, and Existing Home Sales) but FedSpeak remained hawkish, Terror fears remain elevated (in Belgium and France), and credit and copper markets continue to carnage... is it any wonder stocks gave some back... and mainstream media was quick to assert...
Before we start, there appears to be some convergences (now OPEX week is over)...
Stocks caught down to credit (a little)...
And Trannies catching down to crude..
* * *
On the day, Trannies were worst, Small Caps best...and the rest marginally red amid very low holiday-week volume..
As Oil ramped it and Terror tamped it...
But last week's ramp to Payrolls' cliff-edge could not hold...
Valeant took another spill after hope ran amok early on...
KaloBios ended the day up 123%... (up 2000% in a week)...
BTFGameStopDip...
Away from Tax inversions, Crude was probably the big story of the day as more Saudi jawboning sparked panic algo buying to Friday's highs before drifting back to end teh day unchanged...
But copper was ugly... 14th down day in a row - a record according to our data - hovering just above 2.00.
With USD strength (USD Index > 100.00 today)...
Weighing on PMs...
Treasury yields were mixed with the long-end outperforming... (30Y <3.00%)
Smashing the 2s30s curve to 7 month lows...
And 2Y TSY yields are now at their widest to Bunds since 2006...
Charts: Bloomberg
Bonus Chart: What The World Is Banking On...
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May I have your attention please. We are experiencing a minor technical glitch. Please be patient, the market will return green momentarily.
That last chart of the "seasonality trade" is really the dream of every bull right now. But there is a policy error trade running parallel to it this year.
When the machines become financially aware and realise humanity is a net drag on output, it will scale back the growth, selectively killing the weakest humans.
"the weakest humans"...who work for government and on Wall St....
I hear there's an almost-free price on Dow 20k hats this Black Friday.
Catch the gray mantle as they fall from the 14th floor!
I'm considering buying some palladium. I've been actively accumulating silver, but palladium looks pretty attractive at these prices. Thoughts?
-Argenta
do you think more or less cars will be produced in the coming years requiring palladium in their catalytic converters? can you bear with the artificially high dollar?
Day trader Yellen is licking his lips for the JP Morgan House to tell her when to BTFD.
a terrorism index fund needs to be created to really boost this shit-pile
That KBIO chart makes me want to never put on another short ever. What was up with the fed mtg today?
I'm sorry but i can't make heads or tails out of these titles. wth?
Dow transports nice graph! only thing missing is buffet csx graph... Can u add it Tyler? please Throw in the baltic while u at it...
Hey Yellen! The Fed has got no gold.
You're getting lonely, getting old, can you feel me.
Hey Yellen! Choking on your lies
Itchy throat as dollar dies, can you feel me,
Hey Yellen don't help them to bury the light
Don't give in without a fight
Hey Yellen! Out there on your own
Naked shorts making you groan, would you touch me.
Heh Yellen! With your back against the wall.
Waiting for Goldman Sachs to call out would you touch me
Hey Yellen! Would you help me to carry the gold
Open your vaults , gold's coming home
But it was only a fantasy
The debt was too high as you can see
No matter how she tried she could not break free
And Peter Schiff ate into her brain.....