Crude Crashes, Bonds Bid, & Trannies Turmoil But VIX Vanquished To 9 Handle Again

With oil crashing, ‘hard’ economic data slumping, political chaos ahead of the debt ceiling debacle, and The Fed about to embark on something no central bank has ever done (let alone done successfully), it should be no surprise that earnings expectations are being ramped exponentially higher and The Dow (thanks in large part to Boeing recently) has exploded near 22,000 today for the first time ever making yet another new record high…

Despite a mixed picture in soft survey data about the US manufacturing sector this morning, ‘hard’ economic data continues to collapse – even against severely downgraded expectations – this is the weakest for US Hard Data since March 2015

The Dow outperformed (again) as Trannies got trounced… (Small Caps and Nasdaq remain red on the week)…

Every effort was made early on to ramp The Dow to 22,000 – crushing VIX to a 9 handle once again… but it failed…

Trannies tumbled once again – to the lowest levels since May 27th – this time on crashing crude… (rails hit on lower auto sales)

Despite the plunge in the yield curve and Goldman’s warning, Financials outperformed as Energy ended red…

Early gains in FANG stocks rolled over quickly in the afternoon…

Under Armor Under Water…

Carmakers continued their carnage

• *AUTODATA: JULY LIGHT VEHICLE SAAR 16.73M UNITS, EST.  17.0M

APRN tumbled again…

And SNAP crashed to new record lows… (this time blamed on the S&P index decision not include multiple share class companies)

Treasury yields tumbled today after dismal car sales and poor economic data…

30Y Yields have erased all the post-Fed move…

Amid a notably volatile day in FX markets, the dollar index ended marginally higher…

WTI Crude had quite a day – everything was awesome early on – WTI above $50… and then Bloomberg reported a survey suggesting OPEC output actualy rose in July and WTI tumbled…

Gold continued its push higher – back above $1280 and back to Fed hike levels…