“storm in a teacup”…
Video length: 00:00:20
Of course today's big headline was confirmation that Trump is pulling US out of the Iran Nuclear Deal. That sparked some volatility in WTI that suggest extreme positioning is at play… Gold was also in play after Trump's address…
Defense stocks rallied happily on the back of Israel bomb shelter headlines and of course Trump/Iran…
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Overall the day was mixed with Trannies and Small Caps outperforming and Nasdaq, Dow, S&P all lagging as machines tried desperately to get them green…and they all closed within a tick of unch
VIX was monkeyhammered back to a 14 handle after Trump's headlines – which makes perfect sense as things just got a whole lot less uncertain… all to get the Dow green – no matter how briefly – WTF!
S&P tagged its 50DMA but failed to hold it and rolled over…
Treasury yields were modestly higher on the day but rallied after Trump's announcement…
But the yield curve flattened once again to its lowest close since Oct 2007…
The Dollar rallied once again – but driven by overnight gains and US session weakness…
The Dollar closed green for 2018…
But it was Emerging Market FX that was in real trouble once again as Argentina, Mexico, and Turkey all saw currencies slump…
Cryptocurrencies slipped a little lower today with only Bitcoin Cash higher on the week…
Gold ended the day marginaly higher and crude lower…
