Bonds closed and Canadian Thanksgiving meant a big roundtrip for US stocks despite carnage around the world…
China came back from vacation, cut RRR, and dumped stocks (to catch up with last week’s global weakness)…
And the Yuan…
Europe was a bloodbath…
All of which pushed global systemically important bank stocks to the weakest since April 2017…
But while the rest of the world was ugly, US equity markets managed to scramble back to breakeven (except Nasdaq).
The Dow outperformed Nasdaq for the 7th day in a row (longest streak since Sept 2017)
NOTE – US equity markets stopped falling when Europe’s bond market closed at 12ET.
S&P bounces at its 50DMA once again…
Small Caps broke back down to their 200DMA…
Nasdaq slumped through its 50- and 100-DMA…and tried to bounce back up to its 100DMA..
VIX spiked today but rebounded back lower as stocks rebounded. However, Nasdaq ‘VIX’ is at its highest since Feb relative to Dow ‘VIX’…
The Dow reached a 5-month high relative to Nasdaq…
Value dominated growth once again…
US Financials saw another buying program at around 2pmET…
Tesla was a bloodbath today…
FANG Stocks have now gone nowhere since May…breaking below key technical levels…
While US cash bond markets were closed, TSY futures suggested a 1-2bps compression in yield today.
And UK and German bond yields tumbled…
The Dollar Index managed to hold on to very modest gains…
Brazil Real soared today on first round election results…
Despite the Dollar’s meh-ness on the day, PMs were hit early on and never recovered, copper rallied modestly after China’s RRR cut…
China’s open saw PM selling as did late Europe and once Europe closed, PMs were bid…
NOTE that Silver has stalled at its 50DMA each of its last five days… (same with gold)
Finally, as a reminder, bonds are at their cheapest relative to stocks since May 2011…
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