Carnage… Everywhere Except Bonds & Bitcoin

So much for the “all is well” signal from yesterday’s markets that we pointed out had the stink of a dead-cat-bounce about it…

[youtube https://www.youtube.com/watch?v=zKhEw7nD9C4]

Big trouble in tech china combined with a major QT redemption day sparked carnage across global markets.

So where to start…

Despite constant imploring that there is no contagion, Commodities (blue), EM FX (orange), Global Systemic Banks (red), World Stocks (grey), & FANG/TATS (pink) all got clubbed like a baby seal…

Carnage... Everywhere Except Bonds & Bitcoin

The only bid in the world was for bonds and bitcoin…

Carnage... Everywhere Except Bonds & Bitcoin

Here are the details.

STOCKS

Global Stocks tumbled to 6-week lows and broke below all key moving averages…

Carnage... Everywhere Except Bonds & Bitcoin

China stocks were a bloodbath after Tencent earnings crushed global hopes…

Carnage... Everywhere Except Bonds & Bitcoin

And while FANGs fell today, TATS (Tencent, Alibaba, Taiwan Semi, Samsung) were crushed…

Carnage... Everywhere Except Bonds & Bitcoin

European stocks suffered as Turkey tensions remain…with all major indices now red on the year…

Carnage... Everywhere Except Bonds & Bitcoin

And EU banking stress sent stocks into a bear market…

Carnage... Everywhere Except Bonds & Bitcoin

Global bank stocks are down 23% from their highs…

Carnage... Everywhere Except Bonds & Bitcoin

EM Stocks entered a bear market…

Carnage... Everywhere Except Bonds & Bitcoin

US Futures show yesterday’s dead cat bounce best and the instant reaction to Tencent’s earnings… of course the afternoon (with the rest of the world shut) saw the machines ramp stocks on the back of a Turkey headline that did nothing for the lira…

Carnage... Everywhere Except Bonds & Bitcoin

Trannies managed gains intraday but faded into the close, Small Caps and Nasdaq were worst…

Carnage... Everywhere Except Bonds & Bitcoin

Nasdaq bounced off its 50DMA…

Carnage... Everywhere Except Bonds & Bitcoin

The Dow also bounced too…

Carnage... Everywhere Except Bonds & Bitcoin

VIX spiked to almost 17 intraday before pulling back to 15.00…

Carnage... Everywhere Except Bonds & Bitcoin

Tesla tumbled after SEC subpoeana headlines (among other things)…

Carnage... Everywhere Except Bonds & Bitcoin

BONDS

Bunds, JGBs, and USTs were all bid…

Carnage... Everywhere Except Bonds & Bitcoin

The entire UST curve rolled over, with yields now lower on the week…

Carnage... Everywhere Except Bonds & Bitcoin

10Y Treasury yields tumbled to one-month lows…

Carnage... Everywhere Except Bonds & Bitcoin

The UST yield curve plunged back to cycle lows today…

Carnage... Everywhere Except Bonds & Bitcoin

And while the Lira rebounded today, Turkish bonds did not…

Carnage... Everywhere Except Bonds & Bitcoin

CURRENCIES

The dollar index hit a new cycle high…

Carnage... Everywhere Except Bonds & Bitcoin

Back to the same level as the day of the Trump election…

Carnage... Everywhere Except Bonds & Bitcoin

The Turkish Lira bounced (with 3 impulses) but was unable to sustain any trend…

Carnage... Everywhere Except Bonds & Bitcoin

In EM FX, The Rand, Ruble, Real, and all the pesos were pummelled…

Carnage... Everywhere Except Bonds & Bitcoin

Ugly day…

Carnage... Everywhere Except Bonds & Bitcoin

The Argentine Peso was ugly early on but after 3 auctions by CBRA of $781 million (offered over $1.5 billion – “funding secured” by The IMF), they managed to stabilize it, barely…

Carnage... Everywhere Except Bonds & Bitcoin

But it was the Yuan that everyone was watching…

Carnage... Everywhere Except Bonds & Bitcoin

Crashing the Renminbi awfully close to 7.00…

Carnage... Everywhere Except Bonds & Bitcoin

Finally, as chaos spread across global currencies, cryptos rallied (for a change)…

Carnage... Everywhere Except Bonds & Bitcoin

With Bitcoin surging back above $6500…

Carnage... Everywhere Except Bonds & Bitcoin

COMMODITIES

The dollar surge hammered commodities…

Carnage... Everywhere Except Bonds & Bitcoin

Gold and silver were monkeyhammered…

Carnage... Everywhere Except Bonds & Bitcoin

Silver hit a 9 year low on very heavy volume…

Carnage... Everywhere Except Bonds & Bitcoin

Silver at its weakest to gold since Feb 2016…

Carnage... Everywhere Except Bonds & Bitcoin

But Gold futures were panic-traded in Turkey…

Carnage... Everywhere Except Bonds & Bitcoin

Industrial metals were crushed…

Carnage... Everywhere Except Bonds & Bitcoin

Dr. Copper entered a bear market… (NOTE we forget about Copper’s PhD in economics when it collapses)…

Carnage... Everywhere Except Bonds & Bitcoin

Finally, before everyone starts on with the “yeah but the US economy is awesome” bullshit… it’s not…

Carnage... Everywhere Except Bonds & Bitcoin
Read on ZH