Turmoil…

Original post

GDP surged above expectations, Matt Lauer fired, Crude carnage, Semis slaughtered, Momo massacred, Nasdaq knackered, Precious metals pummeled, Bond bloodbath, and Bitcoin bounced and trounced… But everyone loves Trannies!

Spot the odd one out… (biggest divergence between Transports and Nasdaq since Nov 2009) – Dow and Small Caps closed at record highs…

Futures show the moves this week in a little more context…

(NOTE – today was the biggest divergence between The Dow and Nasdaq in over 5 months)

Today was Trannies biggest day since Nov 2011 to a new record high…

A look at Nasdaq and Bitcoin suggest some relationship in the collapse – while Nasdaq broke first, at around 1012amET both suddenly plunged together…

Is Nasdaq playing catchdown to FX carry?

And bonds?

Nasdaq VIX spiked above 16…

And Dow VIX spiked today even as Dow rallied…

Financials extended Powell-hype gains…

Massive rotation from momentum to value today… (biggest momo factor plunge since election)

NOTE – Today’s 3.9% dispersoin between Value and Momo is the biggest since the election…

Were investors rotating out of Nvidia and into the underlying?

FANG Stocks suffered their biggest daily drop since Feb 2016…to one-month lows…

The Philly Semi Index crashed today…biggest single-day drop since Brexit (June 2016)

…and just happens to have occurred as the index finally cleared the 2000 dotcom peak

Bonds were whacked today – while Chinese yields fell modestly, German and US 10Y Yields spiked notably (we do note that Alibaba dropped a $7 billion multi-part bond today which may be a factor)

All yields are up on the week…

10Y yield back at one-month highs…

The yield curve steepened most since September…

The Dollar whipsawed around today but ended practically unchanged…

Copper continued to collapse – dropping to its lowest since October 10th…

Crude carnaged (as did RBOB) on ‘sell-the-leaked-news’ from OPEC (Saudi officials were not worried)…

Gold and Silver were slammed lower – silver back at its lowest since Oct 6th…

Finally, let’s focus on Bitcoin – having broken $11,000 this morning, it surged on to $11,485, before collapsing to $8595.. then bouncing hard to $10,485, before losing $10k again into the US equity market close…

And while everyone i talking about the drop in cryptocurrencies – today’s $60 billion drop in FANG market cap is the largest ever…