Stocks Stagger On Tax Turmoil As Junk Debt Dumps To New 8-Month Lows

Yellen warns "valuations are at the high end of ranges" but tax cut details diss stocks.

It was all going great until I hit 310kph...

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Ugly data from China overnight sent China bond and stock prices lower...

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Notably Gold remains the only asset higher since the Saudi chaos...

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All Cash Indices ended the day red but the dip-buyers rescued Dow, S&P, and Nasdaq green fro the month...

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Futures show the crazy swings best once again... Dow (blue) almost ramped back to unch for the week...

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VIX and USD/JPy worked their magic to ramp stocks numerous times...

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AAPL shares were down for the 4th day in a row...

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FANG stocks fell on reports that SALT deductions would remain in the House Bill but dip-buyers came back in...

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ROKU tumbled 13% as it appears the short squeeze is over...

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VIX (equity protection costs) is starting to wake up a little as credit risk protection costs rise...

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High yield bond prices fell to fresh 8 month lows...

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As HY spreads surged once again - led by Comms...

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Credit and Equity decoupling continues...

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Hotter than expected PPI prompted the yield curve to flatten dramatically (2Y +1bps, 30Y -4bps)...

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Sending the yield curve to fresh flats for the cycle - the flattest since Oct 2007...

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The Dollar Index dropped to 3 week lows...

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As EUR/USD surged today on what Citi called "no news, no data, no catalyst" as the algos seemed keen to lift it back to pre-ECB levels...

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Cyrus Smith 6 days ago Member's comment

There have indeed been some signs of weakness but we'll have to wait a bit longer to see whether or not this trend sustains.