Buy The Fucking Fire And Fury...
Interrestingly the BTFDers arrived right on cue as Europe closed and then got some ignition when NYT ran a story saying Trump's words were his own and not 'policy'... Then again into the close, VIX was smashed lower in a desperate bid to get S&P green...
Dow down for a 2nd straight day!!!!
Since "Fire and Fury", gold has outperformed, bonds are bid, and stocks offered...
Nasdaq and Small Caps underperformed today but all major indices were red on the day (Dow not helped by DIS accounting for all 35 down Dow points)...Trannies managed to get back to even as a general buying panic struck with 15 minutes to the close
FANG Stocks erased most of their post-NFLX earnings ramp gains as early BTFDers failed... FANG is down over 6% from its highs around AMZN earnings
But while investors fled to safe havens like bonds and bullion, they also rotated into AAPL - sending it to a new record high... (AAPL up 6 of the last 7 days)
VIX broke above 12 and its 200-day moving-average for the first time in a month...but of course was instantly pressured back lower because why buy protection in front of global thermonuclear war...
Treasuries rallied today extending their safe-haven bid from last night's "Fire & Fury" comments...
The long-end has erased all payrolls losses...
The Dollar Index ended the day unchanged after spiking on an early Trump tweet and fading for the rest of the day...
Ugly data from DOE on Gasoline inventories (but a big draw on crude) dipped WTI/RBOB but as the dollar sank late on so commods rallied... (NOTE, WTI bounced perfectly off $49.00)
Gold spiked up to 2-month highs...
As ye olde Gold-USDJPY pair was very active...