Copper Crash And Yield Curve Carnage As Tech, Trannies, & TBTFs All Tumble

Today was a day in the upside-down: Banks underperformed Tech; High tax underperformed Low tax; Momo outperformed Value; Nasdaq outperformed S&P; and VIX down with stocks down...

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While Nasdaq (green) outperformed on the day, and was bid at the open, Trannies (blue) underperformed; note that as Europe closed, everything rolled over...

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Only Trannies are holding on to gains post-Tax vote, post-Ross-Rout-Retraction...

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For the first time in 7 days, high-tax companies underperformed low-tax companies...

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Momentum outperformed value for the first time in 6 days...

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The Tech sector clung to green on the day as Financials leaked lower...

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While tech outperformed banks, they all rolled over after the European close...

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High yield bond prices have now closed below the 200-day moving average for 20 days straight (the longest run since April 2016)...

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Treasury yields were lower across the board today as the long-end continues to outperform...10Y and 30Y now lower in yield since Friday...

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The yield curve carnage is accelerating...

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The Dollar Index gained on the day but reamins in a tight range for the last week...

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Gold and Silver were slammed early on once again (tumbling to 4- and 5-month lows respectively)...

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Notably gold was slammed even as the dollar index wasn't moving significantly...

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But Copper was the biggest news- plunging 4.5% back to 2 month lows (biggest drop since Jan 2015). WTI managed to hold gains ahead of tonight's API data...

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Finally, Bitcoin surged a new record high today (at $11,850) - up 50% since Square's announcement (while SQ is down 20%)...

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