Retail Rout Dings Dow, Bond Yields Tumble To 2-Week Lows

Summing up this morning's impeachment hearings...

Big gains for China overnight with hyper-beta ChiNext soaring...

Source: Bloomberg

European markets rolled over hard today...

Source: Bloomberg

US Small Caps outperformed on the day, Dow Industrials and Transports lagged (markets ended on the weak side)...

Small Caps were driven by a post-EU-Close short-squeeze...

Source: Bloomberg

The Dow suffered its first drop in 3 days, and closed below 28k, thanks to ugly earnings from Home Depot...

Source: Bloomberg

Kohls was clubbed like a baby seal...

Kohls and Home Depot sent the S&P Retail sector reeling to one-month lows...

Source: Bloomberg

Momentum has now risen for 7 of the last 8 days...

Source: Bloomberg

The odds of a US-China trade deal continue to slide...

Source: Bloomberg

VVIX , which measures volatility of volatility, reached the highest level versus the VIX since August 2018.

Source: Bloomberg

Bloomberg notes that that has happened as “demand for VIX options (particularly calls) has picked up,” Credit Suisse Group AG derivatives strategist Mandy Xu wrote in a note Monday.

And before we move to bond-land, tech valuations are - as The Fed might say - "elevated"...

Source: Bloomberg

Treasury yields were all lower on the day led by the long-end...

Source: Bloomberg

With 10Y closing back below 1.80% for the first time since Nov 4th...

Source: Bloomberg

As the yield curve flattening is re-accelerating...

Source: Bloomberg

The Dollar managed gains for the first time in 4 days...

Source: Bloomberg

Offshore Yuan gives a perfect example of the fading power of trade deal-related headlines as it spiked on a random headline then tumbled back...

Source: Bloomberg

Cryptos continued to slide today...

Source: Bloomberg

Bitcoin briefly fell below $8,000 intraday...

Source: Bloomberg

Oil tumbled most in seven weeks as US-China trade talks stall and PMs gained modestly...

Source: Bloomberg

WTI finally broke out (down) of its re4cent range...

Silver rallied back above $17...

 

And finally, Warren continues to collapse in the odds as Buttigieg surges...

Source: Bloomberg

Does make u wonder?

Source: Bloomberg

But it sure isn't fun-durr-mentals keeping this dream alive...

Source: Bloomberg