Vote Fiasco Leads To Longest Dow Losing Streak Since Election, VIX At 2017 Highs

Freedom Caucus To Trump/Ryan: "None Shall Pass"...

 

Today's stock market (much more so than bonds and FX) was beholden to healthcare headlines all day...The Dow closed red - for the sixth day in a row - the longest losing streak since right before the election

  • 0855 Drop - Freedom Caucus Meeting postponed
  • 0930 Rally - Brady - 95% agreement of health bill
  • 0940 Drop - Brooks - 30-40 "no" votes still
  • 1030 Rally - Freedom Caucus Meeting
  • 1300 Drop - Freedom Caucus Meeting ends with no agreement
  • 1330 Rally - Spicer press conference confirms vote will take place tonight
  • 1505 Drop - Ryan Press Conference Postponed
  • 1520 Rally - Trump "we have a chance"
  • 1530 Drop - House delays vote on health bill amid doubts it can pass
  • 1557 Rally - Freedom Caucus committed to working with the President

 

Small Caps outperformed but the delay news pushed everything lower into the close, until the Freedom Caucus offered some hope right at the close...

 

But in the context of Tuesday's drop, it's really not a bounce...

 

VIX jumped back above 13, ending with its highest close of 2017...

 

Across the asset classes

 

Banks remain in the doldrums, dropiong back into the red after a smal lhope-filled bounce early on...

 

High yield bond prices dropped once again...

 

Treasury yields traded in an extremely narrow range today but remain notably lower and flatter post-Fed...

 

The Dollar Index also flatlined today (with Yen strength offsetting AUD weakness)...

 

Gold remains stable as Bitcoin drops..

 

The gap between fact and fiction has narrowed a little...

 

Finally, this is what we hear from The Fed's so-called elites...FED'S WILLIAMS SAYS ECONOMY MOMENTUM VERY POSITIVE: WSJ - not so fucking much actually!!