Rexit Rout: Gold Pops As Tech Stocks, Bond Yields, Dollar Tumble

It appears Rexit was a bigger deal to markets than Cohn-xit...

 

Between Rexit, UK-Russia tensions, and Trump's tariffs on China, bonds and bullion were bid as safe-havens while the dollar and stocks slumped...

 

Tech stocks were the most troubled today following the Qualcomm/Broadcom deal death and chatter from Washington of more targeted tariffs on China, but everything (except Trannies) was down...

This broke the Nasdaq's 7-day win-streak...

Futures show the chaos a little better - a jump on CPI, some instability followed by a plunge on Rexit and Russia threats to UK, some stabilization on Kudlow chatter, then another leg lower on Trump's China tariffs chatter... Nasdaq (green) was worst...

 

FANG Stocks erased most of Friday's gains...

 

Bank stocks were hit hard today also - erasing much of the payrolls pump...

 

VIX tested up to 17 intraday...

 

All major US equity index Vols are higher on the week (and don't forget its an OPEX week)

 

Bonds were heavily bid today, erasing all of the payrolls spike and then some with 30Y outperforming...

 

Breakevens and Treasury yields tumbled back to January CPI spike levels...

 

The last three days have seen the dollar index sold hard across the US open to EU close...

 

 

Cryptos were mixed today with Bitcoin higher and the rest of the majors lower but the range was very narrow...

 

PMs gained as the dollar dumped but crude was crushed...

 

WTI tanked on Tillerson's Rexit, testing down towards a $59 handle ahead of tonight's API data...

 

Comments

Snaffew Tue, 03/13/2018 - 16:08 Permalink

tomorrow they will pump the shit out of the dollar and monkey hammer the pm's.  At least, that is what the script reads.  Sometimes a new script comes in, but I doubt it.  Miners and silver got nothing out of any metals rally today---

Peak Finance Tue, 03/13/2018 - 16:08 Permalink

Trades:

Shuffling around some dividend stocks, just maintenance nothing of note

Bought 

- Deep OTM Puts on FNG Sep expiry

- Deep OTM Puts on SOCL Sep expiry

Should have my head examined for shorting but there it is. 

Main thesis still the same, BTFD 'till Hyperinflation, see nothing that changes this outlook. 

Keltner Channel Surf Tue, 03/13/2018 - 16:17 Permalink

I’m concerned:  it appears many ZH-ers continue to watch CNBC in the afternoons.

Rather than nag you with the obvious health risks (digestive disorders, TMJ and other teeth-gnashing maladies), I’ll instead list a few wholesome alternatives on tomorrow’s schedule from my local TV Guide:

  • Brady Bunch (Episode 97):  After successful plastic surgery to repair a nose broken by Peter throwing a football, Marcia is deemed “too cute” to remain on the cast, and is killed off by screenwriters in the season finale in a particularly grisly manner, involving Cindy’s jump rope, Jan’s curling iron and the family station wagon.
  • Love Boat (Ep. 108):  Doc is forced to play psychiatrist in two separate story lines:  a) A man suffering from delusions (played by Harvey Korman) who believes he’s the ship’s captain suddenly leaps on the back of a sunbathing Dom DeLuise, bowie knife in hand, shouting “Thou damned whale!”;  b) A mysterious pair of fraternal twins, played by Donny and Marie Osmond, are stunned by their parents’ sudden revelation: “You are NOT ‘twins’ … just ONE guy with a vivid imagination.”
  • Green Acres (Ep. 24-F):  after seeing Arnold the pig root against the Hungarian world cup soccer team while watching TV at the Ziffel’s, Lisa Douglas (played by Eva Gabor) is later seen making pork paprikash with a suspiciously fresh-looking piece of tenderloin.
  • Bewitched (Ep. 53-A):  Bored at home alone, Samantha wiggles her nose to beckon Darrin (#2) back from the office for a little ‘afternoon delight,’ whereupon he finally gathers the courage to come out of the closet.  Eavesdropping, their young son Adam quips:  “Then, how’d you get me?  Some kinda fucking magic ?!”
  • Speed Racer (Ep. 57):  having finally reached his breaking point, Speed yells “I’m sick of your shit!” then tosses Spritle and Chim-Chim out the window, directly into the oncoming path of the Mammoth Car, otherwise known as “a train.”
  • Flintstones (Ep. 1025):  Fred’s managed to tick off the Water Buffaloes and his family, when a catering mistake sends a case of cactus juice meant for the Lodge to the kids’ party, where it’s rejected by Pebbles as “not being single malt.”
  • Aquaman (cartoon, Ep. 48):  After faulty Garmin GPS directions lead to a few wrong turns within L.A.’s water treatment system, Aquaman emerges as a ‘surprise’ guest at a Richard Simmons pool party.

Check your local listings for channels and times …

Keltner Channel Surf XBroker1 Tue, 03/13/2018 - 17:26 Permalink

Yes, and it's high time I sold it on eBay for a hefty profit, rather than continue picking up nickels in front of the algo steamroller.

The sad (or happy, depending on your perspective) truth is, the majority of these shows still run on those strange, low-numbered non-HD 480p cable channels (at least on my local Spectrum lineup), often local stations buying content for targeted advertising (Preparation H, reverse-mortgages, 70s 'Soft Hits' CDs, etc.).

Still, even that old episode of 'I Dream of Jeannie' where 'genie' and Tony colonize Mars using one of Elon Musk's rockets is better than CNBC, I imagine we'd all agree ...

In reply to by XBroker1

XBroker1 Tue, 03/13/2018 - 16:59 Permalink

I'm seeing a drip, drip crash for some reason. ConTROLLed demolition. 1/2 a point here, 1/2 a point there and pretty soon you're talking real money.

In remotely related news, why did Porsche name their signature vehicle the 911 way back in 1963?  Kia is coming out w/ a K900. Since 0's don't count, the vehicle is pretty much named the 119 or 911 backwards.

Just 'coincidences', I'm sure...