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)...
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And Trannies catching down to crude..
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On the day, Trannies were worst, Small Caps best...and the rest marginally red amid very low holiday-week volume..
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As Oil ramped it and Terror tamped it...
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But last week's ramp to Payrolls' cliff-edge could not hold...
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Valeant took another spill after hope ran amok early on...
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KaloBios ended the day up 123%... (up 2000% in a week)...
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BTFGameStopDip...
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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...
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But copper was ugly... 14th down day in a row - a record according to our data - hovering just above 2.00.
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With USD strength (USD Index > 100.00 today)...
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Weighing on PMs...
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Treasury yields were mixed with the long-end outperforming... (30Y <3.00%)
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Smashing the 2s30s curve to 7 month lows...
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And 2Y TSY yields are now at their widest to Bunds since 2006...
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Charts: Bloomberg
Bonus Chart: What The World Is Banking On...
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