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Stocks Dip As Credit, Copper, & Yield Curve Dump Trumps Crude & Dollar Pump

Summary:
Triple whammy of dismal US data (CFNAI, Manufacturing PMI, and Existing Home Sales) but FedSpeak remained hawkish, Terror fears remain elevated (in Belgium and France), and credit and copper markets continue to carnage... is it any wonder stocks gave some back... and mainstream media was quick to assert...   Before we start, there appears to be some convergences (now OPEX week is over)... Stocks caught down to credit (a little)...   And Trannies catching down to crude.. *  *  * On the day, Trannies were worst, Small Caps best...and the rest marginally red amid very low holiday-week volume..   As Oil ramped it and Terror tamped it...   But last week's ramp to Payrolls' cliff-edge could not hold...   Valeant took another spill after hope ran amok early on...   KaloBios ended the day up 123%... (up 2000% in a week)...   BTFGameStopDip...   Away from Tax inversions, Crude was probably the big story of the day as more Saudi jawboning sparked panic algo buying to Friday's highs before drifting back to end teh day unchanged...   But copper was ugly... 14th down day in a row - a record according to our data - hovering just above 2.00.   With USD strength (USD Index > 100.00 today)...   Weighing on PMs...   Treasury yields were mixed with the long-end outperforming...

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Triple whammy of dismal US data (CFNAI, Manufacturing PMI, and Existing Home Sales) but FedSpeak remained hawkish, Terror fears remain elevated (in Belgium and France), and credit and copper markets continue to carnage... is it any wonder stocks gave some back... and mainstream media was quick to assert...

 

Before we start, there appears to be some convergences (now OPEX week is over)...

Stocks caught down to credit (a little)...

Stocks Dip As Credit, Copper, & Yield Curve Dump Trumps Crude & Dollar Pump

 

And Trannies catching down to crude..

Stocks Dip As Credit, Copper, & Yield Curve Dump Trumps Crude & Dollar Pump

*  *  *

On the day, Trannies were worst, Small Caps best...and the rest marginally red amid very low holiday-week volume..

Stocks Dip As Credit, Copper, & Yield Curve Dump Trumps Crude & Dollar Pump

 

As Oil ramped it and Terror tamped it...

Stocks Dip As Credit, Copper, & Yield Curve Dump Trumps Crude & Dollar Pump

 

But last week's ramp to Payrolls' cliff-edge could not hold...

Stocks Dip As Credit, Copper, & Yield Curve Dump Trumps Crude & Dollar Pump

 

Valeant took another spill after hope ran amok early on...

Stocks Dip As Credit, Copper, & Yield Curve Dump Trumps Crude & Dollar Pump

 

KaloBios ended the day up 123%... (up 2000% in a week)...

Stocks Dip As Credit, Copper, & Yield Curve Dump Trumps Crude & Dollar Pump

 

BTFGameStopDip...

Stocks Dip As Credit, Copper, & Yield Curve Dump Trumps Crude & Dollar Pump

 

Away from Tax inversions, Crude was probably the big story of the day as more Saudi jawboning sparked panic algo buying to Friday's highs before drifting back to end teh day unchanged...

Stocks Dip As Credit, Copper, & Yield Curve Dump Trumps Crude & Dollar Pump

 

But copper was ugly... 14th down day in a row - a record according to our data - hovering just above 2.00.

Stocks Dip As Credit, Copper, & Yield Curve Dump Trumps Crude & Dollar Pump

 

With USD strength (USD Index > 100.00 today)...

Stocks Dip As Credit, Copper, & Yield Curve Dump Trumps Crude & Dollar Pump

 

Weighing on PMs...

Stocks Dip As Credit, Copper, & Yield Curve Dump Trumps Crude & Dollar Pump

 

Treasury yields were mixed with the long-end outperforming... (30Y <3.00%)

Stocks Dip As Credit, Copper, & Yield Curve Dump Trumps Crude & Dollar Pump

 

Smashing the 2s30s curve to 7 month lows...

Stocks Dip As Credit, Copper, & Yield Curve Dump Trumps Crude & Dollar Pump

 

And 2Y TSY yields are now at their widest to Bunds since 2006...

Stocks Dip As Credit, Copper, & Yield Curve Dump Trumps Crude & Dollar Pump

 

Charts: Bloomberg

Bonus Chart: What The World Is Banking On...

Stocks Dip As Credit, Copper, & Yield Curve Dump Trumps Crude & Dollar Pump










Stocks Dip As Credit, Copper, & Yield Curve Dump Trumps Crude & Dollar Pump
Tyler Durden
Tyler Durden (a pseudonym) represents the idea that a return to truly efficient markets is a possibility and a necessity. After having experienced the inner workings of capitalism at various asset managers and advisors, Tyler believes that the current model is flawed and a deleveraging at every level of modern society is needed to reinspire the fundamental entrepreneurial spirit. Visit his blog: ZeroHedge (http://www.zerohedge.com/)

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