The yield curve collapse means nothing...

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Don't sweat it...

Video length: 00:00:20

While Trannies ripped higher, the rest of the equity market hummed along the unchanged line in a narrow range... (NOTE the weakness toward the end of the day which seems to have been catalkyzed by reports that Trump met with John Taylor re: fed head)

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The S&P dipped to unchanged on the week...

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The Russell 2000 has gone nowhere for 9 days (after ripping 12% higher in the prior month)... (1509, 1511, 1508, 1512, 1510, 1504, 1508, 1507, 1505)

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The banks with earnings today both stumbled...

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Financials underperformed as the yield curve kept collapsing since FOMC...

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But Retailers rout was the worst on the day...

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The Trump Tax trade continues to fade...

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Treasury yields fell once again today... (strongest 30Y auction in 2 years)

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And just like everything else, reversed their trend from China's Golden Week...

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But Copper's recent relative strength to Gold prompts Gundlach's favoite indicator to be uber bond bearish...

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As we noted earlier, 5s30 has now collapsed to its flattest since the start of the last recession...

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The Dollar Index reversed early gains to end unchanged as the post-Golden Week trend continues...

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Cable has been the biggest driver of US weaknes this week though Yuan strength has also weighed...

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Gold jumped overnight to $1299.80 before fading back on PPI before bouncing back higher after Europe closed...

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WTI/RBOB were lower after IEA forecasts that market balance should not occur next year and by a surprise build in gasoline inventories...

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In the 5 days since China's Golden Week Holiday ended, Bitcoin has soared over 20% (9% today), hitting a new record high today at almost $5400...

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Finally, it may be noteworthy that Lumber futures prices were limit up today to their highest level in 13 years...

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The last time we were here it was not a good signal of things to come!