So if you were looking for a ballsy bitcoin call, there you have it.

Goldman got hit after a FICC fumble that everyone saw coming from a goddamn mile away only to suddenly turn around and act surprised when expectations became reality:

The story of the day was of course Netflix, which was sharply higher on ‘bigly’ subscriber growth:

Chipotle had its biggest intraday drop since December as they apparently can’t stop poisoning people:

The VIX spent some time hanging out in double figures:

The dollar is a lost cause at this point – or at least that’s how it seems. Between doubts about the viability of the Trump agenda and falling yields (which are themselves tied to those same doubts as well as to lackluster incoming data on inflation), the market has thrown in the towel:

A drop in June import prices didn’t help.

10Y yields are back to levels last seen in June:

When you think about this, don’t forget that specs are the most bearish USD in four years:

Oil was higher after Saudi Arabia was said to be pondering a unilateral reduction in exports while Libya is set to hold technical talks with OPEC and other producers.

“Saudi Arabia is considering a unilateral reduction in its exports of a further 1m b/d to offset the rise in Libyan and Nigerian production, although final decision has been made,” Bloomberg reported early this morning, citing a report from consultant Petroleum Policy Intelligence which itself cited unidentified sources.

The euro continued to rise, approaching its 2016 high at 1.1616 with EURUSD building on gains that started last night after the dollar dumped on news the GOP healthcare bill had officially died.

That weighed on European equities which had their worst day of the month, falling more than 1%:

The pound was weighed down all day by a below consensus read on June inflation which threw cold water on the prospect of a BoE rate hike (of course that probably comes a relief for the central bank):

The aussie was strong (now at a two-year high) on the back of the RBA minutes that telegraphed optimism about the prospects for growth:

Gold hit its highest levels in two weeks, helped by the weaker dollar:

As a reminder, the overnight session on Tuesday was batshit crazy – and not just for the FX moves. China was forced to intervene to arrest another slide in small caps, which were falling again after “Black Monday.” The ChiNext has had a horrendous month:

Oh, and you shouldn’t worry about this:

And as for “repeal and replace”…