Even with Navarro's plunge protection, The Dow closed below its 200DMA for the first time since Brexit (June 2016)...

Artist's impression of Peter Navarro's role this afternoon...

China started off well on the RRR Cut - then it went pear-shaped...

European stocks erased all the hopeful bounce from Friday and then some...

US Futures were ugly overnight and as everyone waited for the ubiquitous buying panic at the open, it never occurred and every bounce was offered... Nasdaq 100 dropped 3% - the biggest drop since April 2nd.

And then Trump Trade Advisor Peter Navarro rescued the markets by telling CNBC that there are no plans to impose investment restrictions... and the market bounced...

S&P 500 dropped 2% - breaking below its 50DMA and 100DMA...

And then bounced back on Navarro, back above its 50- and 100DMA...

And the Dow bounce...

The S&P dipped into the red for June and every effort was made to ignite some momentum to get it back green...

FANG Stocks clubbed like a baby seal... on a cap-weighted basis down over 5% - the worst day since Feb 2016

NFLX was worst and even AAPL (red below) dropped over 2.5%...

Tech underperformed relative to financials - erasing the month's relative performance...

Finally, before we leave equity-land, we would like to note that Goldman did it again - Muppet'd their clients...

This is the biggest drop in 3 months.

Despite the relative chaos in equity land, Treasuries traded very narrowly, ending down 1-2bps...

The yield curve flattened very modestly but made a new cycle low

It certainly seems like someone was desperate to put on a trade war bet as volume in the GOVT (government bond) ETF exploded on Friday to a record high with around $600 million traded...

“Momentum players seem to be loading up on Treasuries ever since the 10-year yield broke downside of the 100 daily moving average early last week,” said Dave Lutz, head of ETFs at JonesTrading Institutional Services.

The Dollar Index continued its slide today - back below the peak of the Fed-day spike and erasing much of the ECB spike...

USDJPY spiked higher (Yen lower) on the Navarro headlines...

Cryptos actually had a positive day, extending gains from yesterday's bounce back through $6,000 for Bitcoin...

And while the dollar was dumped, commodities found no bid, with copper hit worst...

Copper dropped below $3 for the first time since April... lowest close since Aug 2017

Finally, we note that despite the Navarro reassurances, the VIS term structure closed inverted...