The US Stock Market Just Did Something It Has Never Done Before

It has now been 242 days since the US equity market dipped by 3% or more... That has never, ever, happened before...

Rick Astley said it best..."never gonna let you down... or desert you"

Ironic then that stocks had their worst day in 6 weeks.

GE schizophrenia shows the utter farce that this so-called 'market' has become...

 

Nasdaq gave up all Friday's Budget-Resolution, tax-reform-hope gains...

 

NOTE they tried to ramp stocks in the last 20 mins but that failed - this is not something we have seen recently...NOT OFF THE LOWS...

 

S&P VIX jumped by the most since Sept 5th - back above its 50- and 100-DMA...

 

Risk and price remain decoupled...

 

It ain't over yet...

 

FANG Stocks dropped near 3-week lows...

 

Financials are starting to catch down to the yield curve's reality...

 

Treasury yields dipped today...

 

But 10Y tested up towards 2.40% before fading back...

 

The Dollar Index extended Friday's gains, closing at its highest since July 14th (even though it faded into the close)...

 

Cable was strongest after May's speech but Yen surged in the last hour...

 

Bitcoin tumbled from new record highs early on following Saudi Prince comments but was bid into the close of the US equity market...

 

Despite dollar strength, commodities were higher, led by copper...

 

Gold futures spiked around 12ET on the back of a $2.4 billion notional volume surge... back above its 100DMA...

 

WTF Bonus Chart: South Korean stocks are at record highs (why not!!) but South Korean sovereign credit risk is at its worst in 20 months...