Only one clip for today really...

Video length: 00:00:29

Well, instead of starting with stocks, Bonds and FX dominate the headlines today - a flash-crash across the Treasury yield curve and a collapse and failed intervention in the Brazilian Real.

Treasury yields topped around 5amET this morning (with 10Y unable to reach 3.00% despite a good run at it in the last few days). The bid started in bonds, picked up through the US cash open, then accelerated dramatically at around midday ET, flash-crashing 10-12bps across the entire treasury market...

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With massive volume flooded through futures - more volume than on the payrolls print...

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10Y Treasury yields were unable to break 3.00% before tumbling..

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The yield curve flattened on the day also ...

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Meanwhile, the most significant of EM FX markets - Brazil - was in utter turmoil as another $3 billion intervention failed miserably and the Real crashed to new cycle lows...

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Putting that in context, it's really ugly...

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We also note that Brazil halted its bond market trading and there is an unmistakable relationship between the timing of the Real's plunge and the collapse in Treasury yields...

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And that's why what happens in Brazil matters! Everything is connected.

Tech stocks extended their underperformance from yesterday afternoon...

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Trannies remain red on the week as Dow outperforms...

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VIX briefly popped its head back above 13 today but was quickly slapped lower...

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After spiking to its highest levels since the peak of the dotcom bubble in March 2000, the S&P tech sector relative to financials has

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The Dollar Index did it again - basically flatlining for 16 straight days... (1168, 1170, 1169, 1168, 1169, 1168,1171, 1173, 1177, 1170, 1171, 1172, 1171, 1172, 1170, 1170...)

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But while the broad dollar index has gone nowhere, EM FX has collapsed relative to it...

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Cryptos also flatlined today with all holding gains for the week...

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Oil outperformed but copper faded off early gains as gold and silver trod water...

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Three days in a row now gold has spiked, finding support on any drop at the $1300 level...

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Copper/Gold and 10Y Yields have recoupled once again...

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