Stocks, Bonds, Dollar Dumped On Worst FANGover In 30 Months

Commission-takers and asset-gatherers desperate to reassure their clients that a 15-20% collapse in their favorite stocks in 3 days is "just a fleshwound"...

 

China stocks closed lower overnight, with CHINEXT (China Tech-heavy index) leading the slide...

CHINEXT is back near its lowest since Jan 2015...

European stocks were lower, led by DAX once again...

All major US equity indices red for the day with Nasdaq worst...

 

For the month of July, all major indices remain green but Small Caps and Nasdaq are laggards...

 

Digging down below the index headlines, things are very mixed all of a sudden.

FANG stocks are down around 9% (cap-weighted) in the last three days, that is the worst rate of decline since February 2016...

FANG Stocks are down $220 billion in 3 days - the biggest market cap loss in history...

 

Since NFLX broke the damn a week ago, things have gone a little bit turbo...

 

TWTR has collapsed...

 

TSLA is tumbling...

 

But as Tech tumbles, banks are bid...

 

Value stocks soared relative to growth in the last few days - erasing all of June and July's performance...

As Morgan Stanley noted - The bottom line for us is that we think the selling has just begun and this correction will be biggest since the one we experienced in February. However, it could very well have a greater negative impact on the average portfolio if it's centered on Tech, Consumer Discretionary and small caps, as we expect.  

 

Global Bonds are on the verge of breaking out... or reversing...

 

As everyone reacts to The BoJ last week (and prepare for tonight)...

 

Treasury yields rose on the day (though 2Y ended unch...)

 

Steepening the yield curve to 4-day steeps...

 

However, 10Y remains below the 3.00% Maginot Line...

 

The Dollar fell back to strong support levels...

 

Offshore Yuan was relatively stable for once with overnight weakness bid back as US markets slumped...

 

Cryptos are down from Friday's close but had a chaotic day today...

 

Crude managed gains on the day as the dollar weakened but PMs and copper were practically unch...