This is easy...

Video length: 00:04:22

The brief respite for Chinese stocks disappeared overnight...

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And it appears to be finally leaking into American stock markets too...

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The Dow closed red... again... for the 8th day in a row...

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There has not been a longer Dow losing streak since 1978!!

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The Dow is down over 1% YTD while Nasdaq is up almost 12%...

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This is the worst year-to-date divergence between Dow/Nasdaq since 2009...

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Is the short-squeeze over? "Most Shorted" stocks suffered their biggest down day since April 6th today (but even then they tried to squeeze the open)...

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NOTE - this was only the 2nd down day for the "most shorted" stocks in June (down 3 of the last 21 days)

Another day, another dip in FANG stocks bought (though ended lower on the day)...

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Amazon was down but nothing like as bad as many of the other online retailers (after SCOTUS' decision)...

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VIX traded back above 15 today...

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As we suspect the vol term structure is starting to wake up to the looming reality of the actual imposition of the trade tariffs and retaliations...

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Treasuries were bid today with yields down 3-5bps, pushing all yields lower on the week...

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The Dollar Index took a dive early on (but cable was the big gainer that led the way in the majors on the back of a hawkish BoE)...

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While the drop felt notable (it was the biggest daily drop in June) - compared to last week's ECB surge it was a storm in a teacup...

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Longer-term it seems the dollar index is stuck in resistance...

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Cryptos leaked lower all day today, no major catalyst evident...

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On the day copper was the biggest loser with WTI, gold, and silver unchanged; but on the week so far, quite a divergence...

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WTI ended the day unchanged after testing down towards a $64 handle and above a $66 handle ahead of OPEC...

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Notably, the massive discounts for Permian crude tumbled today...

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And as we reflect on the oil complex ahead of tomorrow's OPEC decision, we thought this might be useful...

And the last time OPEC broke apart in November 2014... pic.twitter.com/f2MT0tIGuh

— zerohedge (@zerohedge) June 21, 2018