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An historic Summit in Singapore, near record high business optimism, 7 year high surge in consumer prices, PTJ saying markets may meltup at some point, and bonds & stocks go nowhere...

The S&P and Dow struggled to stay green all day...but when 3pmET hit - markets were panic-bid... just because

 

Trannies remain best on the week...

 

Tech outperformed Financials once again...

 

Most eyes were on AT&T and TWX ahead of the judge's decision tonight...

 

Treasury yields remained in a very narrow range once again with the long-end modestly outperforming the short-end ahead of tomorrow's FOMC...

 

10Y yields made an early run towards 3.00% again but failed and ended unchanged...

 

But while overall yields didn't move much the yield curve tumbled to a fresh 11 year flat...

 

The Dollar Index spiked on headlines that Jay Powell is planning on a press conference at every FOMC Meeting... This broke the dollar closing price out of its 18-day tight range)... (1168, 1170, 1169, 1168, 1169, 1168, 1171, 1173, 1177, 1170, 1171, 1172, 1171, 1172, 1170, 1170, 1170, 1172, 1176...)

 

EM FX slid for the 2nd day...

 

But ARS and BRL both gained on the day amid interventions...

 

Cryptocurrencies crashed ahead of the US equity market close...with Bitcoin now back below $6,500...

Bitcoin is back at its lowest since Feb 2018...which is perhaps the driver of the plunge as it breaks April support lows...

It's been an ugly few days...

 

Despite USD strength, commodities did a whole lot of nothing...

 

Gold fell back below $1300 into the close today...

 

Finally, after February's rapid PANIC correction, the markets heading back into EUPHORIA territory once again