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Bonds & Bullion Bounce But Banks Bruised And Bitcoin Bloodbath’d

Thursday, January 5, 2017 15:06
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It appears China chaos is finally starting to spread. Liquidity freezes and currency spikes…

Offshore has exploded higher – erasing all the losses post-Trump…

We get the feeling this is appropriate…

The USD Index is getting hammered…biggest 2-day drop since June 2016

China comments sparked a bloodbath in bitcoin…

And Treasury bond yields have plunged… (how do you say “policy error” in Chinese?)

ADP’s miss this morning seemed to spark a less exuberant tilt…

For the 3rd day in a row, stocks dumped into the European close and ramped after…Once again today stocks rallied into the close and VIX was pressured lower but Dow 20k remains elusive (perhaps the machines can make it tomorrow on payrolls print)

Nasdaq rallied on the day…

…but Trannies slipped back to unch on the year… Nasdaq record high

Trump had some notable effects on Time-Warner, Toyota, and Mexican Peso…

NOTE the last chart above – as Banxico intervened early but was stymied by Trump tweets pushing the peso back towards record lows.

The dollar weakness was dominated by Yuan strength…

The entire Treasury yield curve is now lower in 2017 with 30Y collapsing…

Silver remains the year’s biggest winner (with gold close) and crude just in the red for 2017…

Crude tumbled on inventories data then rallied on two headlines saying that Saudi production cuts were happening…

Gold is up 9 of the last 10 days…


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