"You get nothing… it's all here in black and white… shit's so bad out there that you get no interest rate hike!!"
Maybe she has a point…
But buy stocks because earnings expectations for 2016 just hit cycle lows…
Post-Rosengren…
And Post-Brainard…
Equities soared today – the biggest jump in over 2 months (since the Brexit rebound)…
Notably, S&P tradex extremely technically – tumbing yesterday through the 50-day moving average, testing the 100DMA (2120) this morning and bouncing up to the 50DMA (2163)…
The S&P's bounce was a 61.8% fibonacci retracement…
Investors rushed into the safety of Biotech stocks…
No sectors managed to get green over the past two days… (on the day healthcare outperformed but the entire complex moved linearly)…
After 2 days of serious (Saudi?) selling, Treasuries flatlined today (with the short-end outperforming -2bps, versus the long-end 0bps)…
Notably the Japanese yield curve continues to steepen dramatically…
The USD Index slid lower all day but did not unwind all of the gains from Friday…
Commodities all ended green today with crude rescued for no good reason at all… but we note only copper is green for the last 2 days…
Charts: Bloomberg
Bonus Chart: The Most Important Chart of the day…
Bonus Bonus Chart: Just a reminder, before we see today's data, that Friday saw the biggest Emerging Market fund outflow in history…
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