Tax Turmoil & China Contagion Slam US Stocks, Treasury Yields Tumble

Tyler Durden's picture

Is it the bears turn now?

 

Chinese bonds and stocks were ugly overnight as the calm of the congress came to an end...

 

Small Caps were slammed today - worst day since August. Nasdaq managed to scramble back to green in the last few mins, but failed to hold it...

 

Small Caps (and the rest of the market) are catching down to their decoupled volatility markets...

 

As hope for meaningful tax-reform disappeared ("gradual" was the key word that disappointed markets...

 

Total chaos reigned in telecoms with rumors about Softbank sending Sprint/T-Mobile tumbling then rebounding...

 

Financials extended their losses from Friday and continued to catch down to the flattening yield curve...

 

Treasury yields extended Friday's declines - this is now the biggest 2-day drop in 10Y yields since June...

 

The long-bond was rallying all day but yields extended their drop when Tresury Sec Mnuchin commented that ultra-long issuance lacked demand...

 

The Dollar Index extended Friday's losses...

 

Dollar weakness prompted gold strength...

 

WTI clung to gain today (as RBOB leaked lower) amid more jawboning from OPEC/Saudis...

 

Bitcoin hit a new record high at $6300...

 

And finally, the most extreme positioning ever...

"probably nothing"

 

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jamesmmu's picture
This Market Bubble Is So Overblown, A Specific Trigger Is Not Necessary To Start The Disintegration Of This Bubble

http://investmentwatchblog.com/this-market-bubble-is-so-overblown-a-spec...

Looney's picture

 

I used to get a woody just by looking at Chart Porn. Now, it’s just “Fuck that shit!”

Because of the Fed, my erogenous zones are all fucked up! I think?   ;-)

Looney

The_Juggernaut's picture

Dow down 0.36% = stocks slammed?  lmfao.

chubbyjjfong's picture

This is some kind of sick joke. Somebody fucking do something!!!

D.r. Funk's picture

And it's by accident. Yeah right.

Most

AIDED

Boombust

ever

 

Solosides's picture

Fuck joobux, real wealth is measured by how tall your pile of dead bankers is

bobsmith5's picture

They aren't joobux or Jew Dollars. The Jews as a race or religion had nothing to do with it. This fake fiat phoney paper was created by the Satanist Rothschild's who claim to be Jews but are the farthest thing from it anymore than the Queen is Christian, or the Pope is Catholic. All these people at the top are frauds and all are pure Satanist. Get your goddamned facts straight. Stop being a racist and accusing a whole ethnic racial/religious group for what one evil rotten Satanist family has done in the name of Judaism. Just because the Pope is a pedophile does not make all Catholics child molesters.

Solosides's picture

"Just because the Pope is a pedophile does not make all Catholics child molesters"

 

They sure as hell are complicit when the church has been caught in scandal after scandal for decades on end. I personally know someone who was raped by multiple preists. Mainly because the parents were too stupid and ignorant to notice anything was going on.

Ajax-1's picture

Oh, and I suppose the next thing you are going to tell us is that Islam is the religion of Peace and it has nothing to do with terrorism. 

TalkToLind's picture

Oy vey, someone done leaked a video of da new iPhone.  Das anti-semitic!

Clock Crasher's picture

Has Gold broken out yet?  

Let me check, Nope

well...maybe next year

D.r. Funk's picture

==

SUB 10 VIX erased in one trading session

SUB 11 VIX STREAK not as readily available, and not as long

==

1% 3% DRAWDOWN LAPSE closer to ending, they know it

==

ADDITIONAL FORGED LEG closer to ending, they know it

==

RELENTLESS SPATE OF ' CONSECUTIVE ' ATH-CLOSES can't go 'forever'

Shiller pe 31.40 (2nd place in history) 4.3% over 1929

86% above mean 94% above median

Keltner Channel Surf's picture

AMZN’s amazing ascension arose absent actually attainable ambitions (albeit admirably attempted), as asinine, AWOL analysts anxiously adjusted appraisals, apologizing after awfully achieving accuracy, alas.

Implied Violins's picture

Alliteration as art awes absolutely; additionally, acknowledgements and accolades accumulate and accrue accordingly. As always.

Keltner Channel Surf's picture

Assonance astounds; coincidentally, consonance corrupts.

Ideal illustration:  Congressional committee  vs.  Entrepreneurial empowerment

combatsnoopy's picture

Amazon is the US answer to Alibaba.  The stock price goes up, market cap goes up the slower the packages take to deliver. 

Keltner Channel Surf's picture

I dunno.  The Justin Bieber and Barry Manilow "Complete Retrospective" box sets I typically order have been arriving almost before I push the BUY button, as if someone wanted to get rid of them ...

 

shimmy's picture

Amusing when a 0.3% drop and a 1% drop are considered slams. 

scintillator9's picture

When "markets" ONLY. GO. UP...... Any drop is a slam.

Bernie Madolf's picture

Spew down 0.32% from ATH

Time to panic!

10 yr did break below 2.4 which is more interesting

LawsofPhysics's picture

Indeed! However, I think it's the short end of the treasury curve is where shit gets real.

 

Squid Viscous's picture

here comes santa claus, here comes santa claus right down santa claus lane,\\

coming to a desk near you soon!

short at your peril, until mid january

and even then only if you have the sack to fight ole yellen

and whatever banker whore Drumpf 

nominates

buzzsaw99's picture

everything is in the schnauzer pattern.  usd, gold, bitcoin, everything.  how can everything be in the schnauzer pattern at the same time?  this is totally, ridiculously, bullish for everything!

rhinoceros? imposseros!  [/cowardly lion]

kwatinhu's picture

Wizard of Oz/ Cowardly Lion reference worth one fat thumbs up

Zardoz worth another.

Pareto's picture

Ahhhhh the barfing clown is back.  nice