Probably nothing...
Gold leads 2017...
US equities had their worst day of the year...
Pushing Small Caps back into the red for 2017...
Energy still 2017's worst performer (down 2.3% today!) but banks and tech were hard-hit today...
Energy stocks were today's worst...
Did stocks just wake up to the lack of Trumpflation trade...?
And financial conditions remain considerably tighter than stocks believe...
The last 3 days have been the biggest plunge in "Most Shorted" stocks since the election...
FITBITE...
Alphabattered...
VIX spiked above its 50DMA intraday...
Dow dived back below 20k...
VIX Vol spiked
Interestingly while the cost of protecting against downside risk on the S&P 500 (lower panel) has been declining (lowest since Sept 2014), the cost of protecting against a spike in risk (upper panel) has soared to one-year highs...
And bear in mind VIX specs just broke to a new record short...
SMART money - as defined by Bloomberg's market flow index - has been fading the rally since The Fed hiked rates...
A lot was made about why bonds did not rally more today amid the plunge in stocks...
The answer is simple - A MASSIVE MSFT BOND ISSUANCE meant rate-locks and rotations.
The USD Index slipped lower on the day (Yen strength trumping cable weakness)...
Copper and crude slipped today despite USD weakness... (gold briefly tested above $1200)
Will the Trump gap of hope be filled...