To summarize - this week saw chaos in emerging market stocks, high yield credit, Treasuries, crude, copper, Chinese money markets, and risk-parity funds... and US stocks hung in there:
All we can say is...
Via Jim Quinn of The Burning Platform blog,
In Part One and Part Two of this article I revealed how the Deep State’s fake data and fake news propaganda machine can be overcome by opening your eyes, observing reality, understanding how Fed created inflation has destroyed our lives, and why the election of Trump was the initial deplorable pushback to Deep State evil.
Two clips for the price of one today...
Official Trailer Release: The Bursting.Coming to a market near you. Rated R.Release date: TBD. pic.twitter.com/jwPNzuLoT4
— Sven Henrich (@NorthmanTrader) March 8, 2017
SPOTTED: Complacency. pic.twitter.com/TMrYGJgfGt
— Sven Henrich (@NorthmanTrader) March 8, 2017
The last few days - since the post-Trump-speech spike - have seen stocks suffer the worst decline since the election (with The Dow down a 'shocking' 0.9%).
But there are cracks appearing (VIX, Emerging Markets, Copper, 'hard' macro data, and now High Yield Credit are all breaking down)...
The last 4 days are the worst for HY Credit since before the election...
And HY's breakdown follows Emerging Markets decoupling last week...
And Dr.Copper's not buying it either...
Judging by today's VIX crush and USDJPY ramp, this was the sound coming from The Eccles Building...