Bonds, Bullion, Bitcoin, & Black Gold Slump As Dollar Jumps Most In 3 Months

Tepper tells us "we're nowhere near bubble levels in the stock market" - so buy... what's to worry about?

 

Trannies were top today, Small Caps slammed as Dow, S&P, and Nasdaq trod water... before closing weak... (Boeing and Apple saved The Dow, adding 30 points between them today as HD removed 30)

 

VIX was lower once again on all the major indices...Small Cap vol remains notably elevated relative to the rest...

 

By the close, gold and bonds were unchanged from the retail sales print but Nasdaq was lower...

 

Retailer stocks crashed again today (despite surging retail sales?)

 

Leaving XRT hovering at critical support...

 

With record low correlation to the market...

 

AAPL hit a new record high today as the rotation from FANG stocks continues...

 

Credit ain't buying the equity bounce...

 

December rate hike odds retraced the entire CPI-miss-drop...

 

Treasury yields roller-coastered today... but the trend continues as we suspect rate-locks and marginal rotation for the AMZN issue were a big driver...

 

30Y yields extended yesterday's rise overnight as the market prepared for a yuuge AMZN debt issue, spiked higher on Retail Sales, but immediately reversing having tagged 2.87% (last week's highs) before tumbling... but ending up 3bps...

 

Still despite US bonds pushing higher in yields, Spain hit a new record low (2Y at -33.3bps) and the world's volume of negative-yielding debt soared back to its highest since Oct 2016...

 

 

The Dollar Index rose for the second day in a row - this is the biggest 2-day jump in over 3 months... (NOTE that like TSYs, USD spiked on the retail sales dats then immediately tumbled back)...

 

The question is - what happens next?

 

EURUSD certainly looks a little rich here...

 

Bitcoin saw some serious vol intraday - dropping $650 from its record $4400 highs, it quickly ramped back up to $4150 by the close...

 

Gold sank once again today...but rebounded off the retail sales dump...

 

And notably GDX short interest surged to its hghest since Feb 2016...

 

Having tagged $50 late last week, WTI traded down to $47 today before bouncing a little ahead of tonight's API inventory data...

 

And finally, the 1987 analog is stil holding...

 

Maybe this is the catalyst?