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Mega-Merger Monday Gains Gone As Crude Crunch Drags Stocks Lower

Tuesday, October 25, 2016 15:02
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But everything was awesome yesterday?

China currency continued to collapse overnight but a small bid came in this afternoon…

Breadth continues to breakdown…

While Nasdaq held most of its gains, the othe rmajor indices gave up most of yesterday’s exuberance…

No end of day ramp for the 9th day of the last 10 days…

Similar pattern in futures today as yesterday…

Technically, S&P Futs were unable to break the 50DMA resistance…

Treasury yields inched lower on the day despite tepid 2Y auction…

The USD Index ended unch despite chaotic swings in GBP and JPY…

Note the machines appeared set on busting 99.00 on the day…

With the usd oscillating higher to unch, PMS were bid (and copper outperformed) as oil slumped…

This is the first close below $50 since oct 4th… (ahead of tonight’s API data)

Gold tested back above its 200DMA once again…

Charts: Bloomberg


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