Draghi Dud But Banks Break, Trannies Tumble, & Cryptos Crash
BTFD has transformed into STFR – maybe it’s better not to play…
China was well bid overnight (extraordinarily so)…but faded in the afternoon session…
European stocks gapped up at the open but faded
“Constructive” was the word of the day in Europe as everyone read from the same script on Italy…
US futures rallied into the European Open and rallied into the US Open, but were dumped after each…
Trannies tanked on the day (see Airlines below), but all major indices gave up early gains as Secretary Ross warned that China’s current actions are not enough… By the close The Dow managed to get back green and S&P unchanged…
Short interest on SPY, the world’s largest exchange-traded fund with more than $250 billion in assets, has jumped to 5.3 percent or shares outstanding, according to data compiled by Markit.
This is the 5th “sell the f**king rip” day in a row…
Airline stocks crashed after Delta’s 2019 profit view missed analysts’ estimates, prompting concerns about weakening pricing power
Bank stocks resumed their downtrend after a brief respite yesterday…
GE soared pre-market as JPMorgan’s analyst took his foot off its throat…but faded from the open…
FANG stocks sold off…
Treasuries were mixed today with the long-end underperforming and the belly and short-end bid (but all very modestly)…
10Y Yields bounced off the 2.80% support once again…
The Bill curve is getting more perturbed through the potential shutdown date as liquidity preferences have bid the shortest-dated bills…
The Dollar managed gains on the day retracing yesterday’s losses…
Draghi is losing his touch as EUR ended the day unchanged…
Yuan faded after China closed…
Cable held on to yesterday’s May confidence vote gains…
Cryptos crashed late in the day amid headlines of a Bitcoin Bomb-Scare scam…
Crude soared back to the early week high, copper, gold and silver lagged…
WTI was well bid after Saudi export cut headlines…WTI tagged $53 high stops
Gold in Yuan also fell into the red on the week…
Finally, we note that The Fed is back in the position of being more hawkish than The ECB… just barely…
Original source: http://feedproxy.google.com/~r/zerohedge/feed/~3/MSvjNdejRdM/draghi-dud-banks-break-trannies-tumble-cryptos-crash
