Midterm-Mania Sparks Chaos In Quiet Markets

This just seemed appropriate...

China was mixed overnight despite extremely weak PMIs, thanks to an incessant bid in the afternoon session...

 

And European markets went sideways all day...

 

US Markets saw low volumes - over 20% below average...

 

Futures show the quiet overnight session... and a panic-bid spiked stocks at 1415ET after Rasmussen polls showed the GOP retaining the House...

 

Cash markets show that Small Caps and Trannies got back to even, Nasdaq almost made it but Dow and S&P led the way today...

 

The surge in buying was very evident in TICK...

 

Also of note, after a few weeks of incessant huge gap opens, the last few days have seen negligible overnight moves...

 

The Dow made it back to its 100DMA, bouncing almost perfectly off its 200DMA (rest of the majors remain well below 200DMA)...

 

FANG stocks suffered again early but were panic-bid after the Rasmussen headlines...

 

But, despite the surge in market, AAPL was the big loser, and remains well below its 100DMA...

 

As AAPL Catches down to its FANG friends freefall...

And also  note that AAPL never caught a bid when the markets ramped on the poll headlines...

 

Despite broad market gains (yes, Nasdaq was lower), bonds were also bid with 30Y outperforming

 

The Dollar faded after overnight gains, completing the right shoulder of a head-and-shoulders pattern...

 

Yuan was weak overnight after dismal PMI data...

 

Cryptos were higher on the day with Bitcoin Cash surging 20% from Friday's 'close'...

 

Despite dollar weakness, it appears the China headlines weiughed on copper and gold and silver slipped lower...

 

As Trump unleashed Sanctions on Iran, WTI crude jumped and then dumped back below a $63 handle...

 

Gold in Yuan remains glued around 8500...

 

Finally, we note that the exodus in so-called 'Smart' money continues to accelerate...

 

And VIX's term structure remains inverted for the 21st day straight...the longest streak since Sept 2011...