Stocks Start Slide Back To Bond Market Reality As Quad-Witch Looms

Seemed appropriate:

 

Dismal China data overnight did not help the fact that China’s ‘National Team’ appears to have abandoned investors…

Stocks Start Slide Back To Bond Market Reality As Quad-Witch Looms

 

European markets extended gains on the day (except DAX was unchanged)…

Stocks Start Slide Back To Bond Market Reality As Quad-Witch Looms

 

US equity markets were broadly lower on the day with some last-hour rally monkeys rescuing The Dow briefly but a weak close sent everything lower( but a last second spurt of buying held The Dow green on the day)…

Stocks Start Slide Back To Bond Market Reality As Quad-Witch Looms

 

S&P futures show a series of lower lows and lower highs today…

Stocks Start Slide Back To Bond Market Reality As Quad-Witch Looms

 

It appears the short-squeeze ammo has run out ahead of tomorrow’s quad witch…

Stocks Start Slide Back To Bond Market Reality As Quad-Witch Looms

 

 

And before we move on to bonds, here is the ‘seasonality’ of the March Quad Witch – next week looks set to be less-than-pretty…

Stocks Start Slide Back To Bond Market Reality As Quad-Witch Looms

 

It remains a long way for stocks to fall back to bond market reality…

Stocks Start Slide Back To Bond Market Reality As Quad-Witch Looms

 

The compression of VIX and Credit spreads has stalled…

Stocks Start Slide Back To Bond Market Reality As Quad-Witch Looms

 

Treasury yields were largely unchanged across the curve once again today, but we do note the long-end saw some notable underperformance…

Stocks Start Slide Back To Bond Market Reality As Quad-Witch Looms

 

With 30Y Yields bouncing off the 3.00% level…

Stocks Start Slide Back To Bond Market Reality As Quad-Witch Looms

 

The market is pricing in 14.5bps of rate-cuts in 2019 – the most dovish since the crash at the start of the year…

Stocks Start Slide Back To Bond Market Reality As Quad-Witch Looms

 

And finally in rate land, the probability of a rate cut in Jan 2020 is now at its highest level since Dec…

Stocks Start Slide Back To Bond Market Reality As Quad-Witch Looms

 

The Dollar rebounded higher today after 4 straight days lower…

Stocks Start Slide Back To Bond Market Reality As Quad-Witch Looms

 

Cable slid after the vote in “sell the news” style action…

Stocks Start Slide Back To Bond Market Reality As Quad-Witch Looms

 

Cryptos were very noisy today…

Stocks Start Slide Back To Bond Market Reality As Quad-Witch Looms

 

The dollar strength weighed on PMs today as Copper slid on weak China…

Stocks Start Slide Back To Bond Market Reality As Quad-Witch Looms

 

WTI managed more gains today, after an early dip, but traded in a very tight range around $58.50 for much of the afternoon…

Stocks Start Slide Back To Bond Market Reality As Quad-Witch Looms

 

And gold fell back below the $1300 level…

Stocks Start Slide Back To Bond Market Reality As Quad-Witch Looms

 

Finally, we wonder what happens next week as the momentum-chasing muppets of Quad-Witch evaporate…

Stocks Start Slide Back To Bond Market Reality As Quad-Witch Looms

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