Greatest economy ever and some record losing streaks…
Headlines on possible US-China trade talks sparked a bid in stocks, but that faded quickly as investors (and machines) remembered the last talks 2 weeks ago ended fruitless…
Apple’s product presentation saw Fitbit battered…and AAPL shares slide at the lack of innovation…
Semi stocks continued to slide, breaking below the 200DMA before bouncing back to it…
But perhaps of most note is that Goldman Sachs is now down 11 days in a row…
A new record losing streak…
All of which has dragged GSIBs to new cycle lows – the lowest since April 2017 (-23% from highs)
Additionally, Asian stocks have fallen for 10 straight days…
Equaling the record longest losing streak in its history…
Treasury yields fell very modestly on the day…
The Dollar Index dumped after a weak CPI print and hopes for trade talks – biggest daily dollar drop since July 20th…
Yuan spiked on the US-China trade talks headlines…
Bitcoin was relatively quiet once again as the rest of the crypto space swung around, ending on an uptrend note today…
Commodities rallied on the heels of the tumbling dollar…
Gold futures maintained the $1200 level as WTI faded…
Finally, we note that while stocks have been divergent from fun-durr-mentals for years, they have also decoupled from their money machine…
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