The message very briefly today as Donald Trump Jr's email was taken to confirm the campaign was aware of the Russian government's desire to help elect his dad, was simple "you get nothing"...
Ignore the rout in retail, focus on FANG... and hope for some dovish cooing from Yellen...
Expectations for higher VIX uncertainty (VVIX - VIX of VIX) are at their highest relative to VIX since Dec 2006...
S&P futures are little changed following yesterday's rout even as Asian and European markets continued selling; the pound slid on poor factory data, the yen tumbled after the BOJ intervened to stabilize the JGB bond market, precious metals flash crashed early in the session, while the selloff in oil accelerated despite yesterday's massive inventory draw, although at least yesterday's sharp bond tantrum has stabilized.
With the US out on holiday for the 4th of July, overnight trading volumes have been muted, as Europe started off in the red but has since trimmed most losses (Stoxx 600 -0.1%) while S&P500 futures rose shaprly from session lows spurred by the European open ignoring the risk-off sentiment from North Korea's latest missile launch, trading 0.2% higher, or up 4 points to 2,429 and closing the gap to Monday's last minute tech-driven market selloff.
Authored by Andy Kessler, op-ed via The Wall Street Journal,