S&P 500

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...

Via Dana Lyons' Tumblr,

Assets in mutual funds designed to rise when stocks fall have dropped to an all-time low.

Would you rather have one bitcoin, or a single ounce of gold?

As Visual Capitalist's Jeff Desjardins notes the answer used to be obvious. Even at the climax of the legendary 2013 rally, bitcoin was never able to reach unit-for-unit parity with gold.

Via Rosanna Landis Weaver of AsYouSow.org,

According to the Economic Policy Institute,

“CEO pay grew an astounding 943% over the past 37 years, greatly outpacing the growth in the cost of living, the productivity of the economy, and the stock market, disproving the claim that the growth in CEO pay reflects the ‘performance’ of the company, the value of its stock, or the ability of the CEO to do anything but disproportionately raise the amount of his pay.”

Judging by today's VIX crush and USDJPY ramp, this was the sound coming from The Eccles Building...