Overnight saw Chinese money markets start to get angry and the Yuan tumble, Draghi didn't help, and Spicer's Glass-Steagal comments did not create hope - with credit, copper, crude, emerging markets, risk-parity funds, and now china all crumbling, is tomorrow's payroll print the catalyst for stocks to wake up?
The Dow was desperately saved from being down 6 days in a row (which would have been the longest losing streak since the day before the election)...
Dow, S&P, and Nasdaq clung to unchanged from before the Trump speech ramp...
VIX was pressured once again to get The Dow green
Small Caps broke below the 50DMA...
Banks were stunned lower after Sean Spicer confirmed Trump's commitment to Glass-Steagal...
Stocks remain adrfit from tightening financial conditions...
VIX is entirely decoupled from stocks...
Risk Parity funds are delevering hard...
Which explain sthe ongoing selling in both bonds and stocks...
Emerging Market stocks have collapsed - breaking away from the correlated Trump trade hype...
Another ugly day for bonds but we note both 10Y and 30Y remain below the post-fed rate hike high yields
Treasury yields have now risen for 9 straight days - the 10Y Treasury bond has not seen a longer streak of losses since April 1974...
10Y yields rose 9 straight days in June 2006 (fell 72bps in next month), and March 2012 (fell 96bps in next 2 months)
Debt Ceiling anxiety is becoming very clear in the T-Bill market - the yield curve across the March month-end is massively inverted...
As Treasury Cash Balance crashes towards zero...
High yield credit ETFs saw the biggest outflows since before the election...
As Credit markets crash to 3-month lows (near the 200DMA)..
And HY credit spreads have widened for 6 straight days - biggets spike since May 2016
EUR rallied (and Bund yields spiked) after Draghi didn't offer too much...
March continues to be ugly for commodities...
Gold futures are down 8 straight days - the longest streak since May 2016 (which notably marked the swing lows and saw the precious metal rally 15% in the next month)
WTI and RBOB were monkeyhammered lower - smashing near pre-OPEC-Cut-Deal lows...
And Oil Vol is starting to spike...
Will stocks start to notice?
Bitcoin crossed back above Gold again...
And finally, this...