Too soon?
The market is simply not buying the premise that The Fed will hike rates…
And the reason is not a good one – macro data is tumbling…
And China is turmoiling…
Maduro's pointless ramblings sparked overnight strength however on the back of oil's jolt…
But that exuberance did not last long…some clear sell programs hit a number of times… (Small Caps strong gains on the huge short squeeze)
Nasdaq underperformed as AAPL slipped on JPM's less than exuberant note and chatter of iPhone battery problems…
And a massive, manic short squeeze…
VIX swung violently along with stocks… (not VIX bounced hard off its 100DMA at 14.6).. NOTe the effort to keep S&P green failed.
Despite the equity market's swings, bonds went nowhere fast… (not Japan was closed overnight)
Stocks decoupled then recoupled with bond yields…
The USD Index slipped notably lower led by JPY strength….
Silver surged over 2% on the day as the USD slid. Copper was modestly lower and crude roundtripped…
Charts: Bloomberg
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