Stocks Stall At Critical Resistance Again, Yield Curve Hits 12-Mo Steeps

It’s all fun and games until someone loses an eye…

Chinese markets saw some profit-taking from Monday’s exuberance, but not much…

 

European traders BTFD at the open but the FTSE remains lower on the week…

 

US equity cash markets all rebounded at 11ET but Small Caps gave up early and lagged the entire day…

NOTE: second day in a row of late-day weakness.

 

The 11amET ramp seems to have been all buybacks…

 

As the early short-squeeze quickly ran out of ammo…

 

2,800 was once again the key for the S&P 500 and for the second day, it was unable to hold it…

 

Quad top strikes again…

 

VIX and stocks remain decoupled…

 

While stocks managed gains, bonds were also bid on the day…

 

While the belly of the curve remains inverted…

 

We note that the longer-end has now steepened to 12-month highs…

 

The dollar dumped back to pre-FOMC drop levels…

 

Is the dollar set for some downtime?

 

Cable surged to its highest since July…

 

Cryptos drifted lower on the day…

 

Despite the dollar weakness, commodities basically trod water today…

Gold in Yuan has been drifting lower recently…

 

Finally, there is this… US stocks test key highs once again as earnings expectations hit 7-month lows and US Macro plunges to its weakest since August 2017…

All thanks to the sudden resurgence in global money supply.

Let’s hope they can keep it up…

Oh and in case you loved the rebound in today’s Conference Board confidence data…