It is the 17th of October 2018

Bonds & Bitcoin Bid As Musk Massacred, Russia Routed, & Turkey Trampled

To all the Tesla bulls who bought earlier in the week on Musk's Tweet...

China stocks rebounded overnight

 

Mixed day for Europe, Germany up, Italy down...

 

Nasdaq and Small Caps in the US led the day (short squeeze, see below) but Dow, S&P, and Trannies could not hold a bid...and the close was really ugly (like yesterday)...

Nasdaq's 8th gain in a row - best streak since Oct 2017.

2nd day in a row with  a weak close...

 

"Most Shorted" stocks have been squeezed at every open so far this week...

 

FANG Stocks managed gains on the day - but are holding below the FB gap...

 

 

Tesla tumbled... erasing all the "going private" tweet gains...

 

Seems like Tesla bondholders were on to it all along...

 

The big banks erased the week's gains today...

 

Amid all the chaos, Treasuries were bid...

 

With 30Y yields tumbling after PPI...

 

And the yield curve flattened...

 

The Dollar Index ripped higher today (but remains in a week-long range for now)...

 

EURUSD is testing the critical 1.15 level...

 

Emerging Market currencies were a bloodbath...

Led by a 5% plus collapse in the Turkish Lira - the biggest drop since Oct 2008...

 

Russia and Turkish bond yields spiked...

 

Cryptos managed a small rebound today after an ugly week...

 

Despite the surge in the dollar, commodities trod water today (no bounce in crude)...

 

Finally, we note that market breadth remains seriously lagging - Nasdaq near new highs and yet fewer and fewer of its members are even above their 200DMA...

 

And finally finally, who do you trust? US Macro data, the Nasdaq (and its 4 or 5 stock driver), or the NYSE Composite of over 2000 stocks and $23 trillion in market cap...

==> Source: https://www.zerohedge.com/sites/default/files/inline-images/2018-08-09_12-34-16.jpg?itok=9_XEULJb

Featured Apps

Free Money