"Pause that refreshes"
Well that escalated quickly... From the open on Tuesday, the "fire and fury" dump, the ubiquitous BTFD ramp dead cat bounce... and today's flush...
"Not Off The Lows"
Content originally published at iBankCoin.com
Carlos Rodriguez, CEO of payroll processor ADP, likened activist investor Bill Ackman to a "spoiled brat" who wants a schoolteacher to give him an extension, adding "I'm directly saying he doesn't know what he's talking about."
In a mirror image of yesterday's ugly, tailing 10Y auction, moments ago the Treasury sold the last batch of paper for this week, when it auctioned off $15 billion in 30Y bonds, in a strong sale which printed at 2.818%, stopping through the When Issued 2.819%, the lowest yield for the tenor going all the way back to October 2016 as the curve has aggressively flattened since then.
Authored by Jeffrey Snider via Alhambra Investment Partners,
The brief respite bounce after Europe closed has failed and US equity markets are tumbling once again.
Nasdaq is leading the drop...
With FANG Stocks erasing all the post-NFLX earnings gains...
S&P is near its 50-day moving average and Nasdaq just broke below its 50-day moving-average for the first time in over a month...
And Nasdaq VIX is back above 18.