China's Bursting Bubble + Grexit Trouble = Dow Rubble

Straw ... meet camel's back...

 

Before we start, it is perhaps worth noting that the US equity market is now the worst performing asset YTD (beaten by gold, credit, bonds, and oil)...

 

Year-to-Date, Trannies are ugly, The Dow just went red then was liofted to close pefectly unchanged YTD, and the S&P is up less than 1%...

 

Dow 17823 was what mattered - MUST KEEP GREEN STOCKS YTD DREAM ALIVE...

 

 

Big down day in stocks started with Chinese regulators cracking down, continued through Europe with BBG down, pushed further on Grexit fears, then legged lower on DoJ anti-trust news...

 

On the day, Nasdaq came under pressure from AAPL weakness and Trannies outperformed  (Dow lost 18,000; S&P lost 2,100; Nasdaq lost 5,000) and all that with a handful of hopeful Greek headlines which typiucally would have sent algos rushing higher...

 

On the week... everytthing ended clumped together around 1-1.5% lower....

 

Futures volume was huge compared to recent averages...

 

How many more times are stocks going to pump'n'dump back to bond reality?

 

Another whipsaw day in bond yields and another down day for yields ending the week 6-11bps lower (with the long-end outperforming today)... Everey bond selloff is met by buying...

 

The dollar slipped once again - the first 4 day losing streak in a year (since April 10 2014) - the streak of buying and selling swings intraday continues also...

 

This is the 2nd worst week for the USD since October 2011

 

Despite the USD weakness, gold and silver lost ground on the week (Gold held $1205) but copper popped and crude soared...

 

 

WTI Crude had its biggest week since Feb 2011 surgiung 8.75% to close above $56 for the first time in 2015...

 

 

Charts: Bloomberg

Bonus Chart: US Macro data has printed a new low this week...