Dow Drops, Silver Pops, & Bond-Sellers Stop

At today’s close?

 

China was down in the early session (catching down to US markets after being closed) then flatlined in the afternoon session…

 

Italian stocks extended the outperformance as Spain lagged…

 

Futures show US equities starting to slide in the pre-market then reverse at 11amET, but Dow and S&P were unable to hold their algos bounce as Nasdaq surged… (ugly close)

 

On the week, Nasdaq remains the leader, Trannies the loser…

 

FANG stocks extended yesterday’s panic-bid ramp…

 

Treasury yields popped early in but faded lower as the day wore on. 30Y ended very modestly lower and the rest of the curve slightly higher in yield…

 

10Y Yield broken above 3.11% early on ended the day almost unchanged…

 

And the yield curve flattened modestly…

At the shorter-end, we note that the eurodollar curve is no longer inverted across Dec 19 to Dec 20…

 

The Dollar slipped lower on the day reversing overnight gains…

 

Yuan slipped lower…

 

The Argentine Peso plunged after the central bank governor unexpectedly resigned…

 

Cryptos had an ugly day after headlines on Mt.Gox Trustee selling…

 

Silver surged today as gold and crude trod water…

 

Silver notably outperformed Gold…

 

Sending the Gold/Silver ratio tumbling to 3-week lows…

 

Finally, we will give Gluskin Sheff’s David Rosenberg the last word – a reminder of what happened when Consumer Confidence was here before…