Dismal Data Deluge Sparks Buying-Panic In Stocks

To summarize: Empire Fed MISS, Retail Sales MISS, PPI MISS, Bloomberg Consumer Comfort MISS, Business Inventories/Sales MISS, Industrial Production MISS, Capacity Utilization MISS  ... Dow +200 Points!

 

A dismal data day - pushing US macro data to 2 month lows - and stocks loved it...

 

and pushing September rate hike odds to just 9%...

While stocks rallied and bonds sold off today, the correlation over the past 30 days is the highest in 9 years... since the market topped in 2007...

 

And breadth is bad and getting worse...

 

Another big short squeeze led the market higher today...

G89

 

And AAPL supported most of the major indices...

Soaring 12% in 4 days... ummm WTF!

 

S&P 500 cash was once again supported by the 100DMA...around 2121..

 

Helped by VIX slamming into tomorrow's quad witching...

 

On the day, look at the inflection as Europe Closed, and again as NYMEX closed....

 

On the week, all major stock indices (except Trannies) pushed back into the green...(Nasdaq soaring on Apple's back)

 

Treasury yields were very mixed today with 30Y notably higher (in yield) and 2Y lower...

 

2s30s has now steepened for 11 straight days - up 32bps (or 22%) - to June 24 (Brexit) levels...

 

The USD Index drifted lower led by JPY strength (commodity currencies also rallied along with crude)...

 

Copper continues to push higher as crude slides.. and PMs gently leak lower...

 

Stocks decoupled from oil once again...

 

Charts: Bloomberg

Bonus Chart: Probably nothing...

Bonus Bonus Chart: This is starting to get serious...