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Manic Merger Monday Saves Stocks As China Currency Crashes To Record Low

Monday, October 24, 2016 14:26
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Mega-Mergers and Pumping PMIs…

Offshore Yuan crashes to a record low…

And a huge merger with Time-Warner… (Nasdaq 100 new record high)

Futures show the excitement best…

Stocks ramped at the open, but went sideways from that point… (Only NASDAQ closed higher than its opening print)

Nasdaq was unable to get green on the month despite the ramp…

AT&T, Time-Warner  both sold off on the ‘deal’…

GOOGL hit a new record high (along with NASDAQ 100)

For the first time in 10 days, stocks managed a ramp into the close but once again VIX slid lower (to a 12 handle)…

Treasury yields rose on the day – all squeezed at the same time in the pre-open…(the entire move happened between US open and EU close)

The USD Index rose again to new 8-month highs led by JPY weakness

Oil closed lower on the day – despite a bounce of $50 – copper and silver closed higher…

$50 was defended aggressively…


Silver spiked – running stops – before plunging back…

Charts: bloomberg


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