Trump Bump Stalls Amid Bullion, Brexit, Banks, Bonds, Brazil, & Black Gold
By Tyler Durden
Today's trading brought to you by the letter “B” and not by the number 20,000…
“B” is for Breaking narratives.. as the reflation trade rolls over…
“B” is for Brexit talk from Theresa May sparked the biggest surge in cable since 1993, smashing back above 1.2400…
“B” is for Banks stumbled most since the election…(despite great earnings from MS today)
“B” is for Brazil declined Saudi production cut request and hit oil prices…
“B” is for Bullion – soaring up 16 of the last 18 days (7 in a row), touching $1220 today…
“B” is for Bonds which saw yields plunge today…. (yields down 4bps to 7bps across the curve today)
Not surprising given the record short position…
And “B” is for Blood on the streets in FX land…
* * *
Year-to-date, gold is the biggest winner and The Dow back unchanged…
Small Caps end the day in the red for 2017…
Banks led markets lower…
And Banks and Energy stocks are the year's biggest losers…
VIX somehow manage to end with an 11 handle…
All the majors rallied against the greenback today but it was cable that outperformed…
Since The Fed hiked rates, bonds have rallied… “policy error”?
Are stocks ready to drop back to reality?
Source: Trump Bump Stalls Amid Bullion, Brexit, Banks, Bonds, Brazil, & Black Gold
