FANGs Slump Despite Crude Pump As China Commodity Carnage Continues
By Tyler Durden
Nothing to see here, move along…China commodity carnage, US data dismal, and a Fed meeting that has to err on the side of hawkishness…
The commodity carnage in China continued overnight…
But for the 4th day in a row, authorities intervened to support Chinese stocks…
And that provided some hope oveernight into the US open…
On the day – very mixed – Nasdaq underperformed but Trannies & Small Caps squeezed higher…Dow/S&P Unch…
Once again, VIX was smashed into the close in an effort to maintain Dow 18,000…BUT FAILED
Another day, another short squeeze…lifts Trannies & Small Caps
AAPL was chaotic today into earnings…
FANGs had their worst 3-day run in almost 3 months, back to 6-week lows…
Treasury yields rose for the 2nd day heading into The Fed meeting, with a wider range today…
The USD Index drifted lower once again… (though notably JPY weakened also)…
Copper drifted lower – dragged by the industrial metal collapse in Chinas but crude and PMs all rallied on the weaker dollar…
Crude algos panic-big oil prices above $44, running yesterday's high stops ahead of tonight's API report…
Charts: Bloomberg
Bonus Chart: Macro madness…
Source: FANGs Slump Despite Crude Pump As China Commodity Carnage Continues
