Headline-Chaos Sparks Stock Dump'n'Pump; Dollar & Bond Yields Slide

Trump did his best to jawbone it up but in the end...

 

China extended losses overnight with ChiNext down almost 10% already this week...

 

Europe was ugly today led by France...

 

US Markets were rescued by some optimistic comments from Trump...

 

The Dow underperformed as Trannies reached back up towards unchanged...

 

The Dow closed below its 50DMA for the second day (S&P broke below its 50DMA but managed to scramble back on Trump headlines)

 

VIX term structure remains inverted for the 4th day in a row...

 

Credit markets continue to push notably wider...

 

Treasury yields slipped lower on the day with the belly outperforming...

 

The yield curve inverted once again today...

 

And while we are in bond land, we note that Occidental bonds are sharply lower (as its stock hit a 10Y low) as it becomes evident that the company will win the very brief bidding tiff with Chevron for Anadarko - and will likely incur substantially more debt in the process.

 

The Dollar Index stayed rangebound once again as if some greater force had its boot on the throat of FX vol...

 

Yuan rallied back this afternoon after Trump's positive comments...

 

Bitcoin extended gains today on the week as the rest of the crypto space slipped...

 

Mixed day in commodity-land...

 

But gold and silver diverged this afternoon...

 

And gold is at its strongest against yuan since late March...

 

Finally, for all the "risk-on" crowd, keep an eye on global money supply, it's rolling over fast...