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Bond Bears are back...

 

The momo ignited by Tuesday's National Team liftathon carried through into Wednesday and Chinese stocks stormed higher still...

European stocks were all higher.

Take your pick in US equity land - Stocks surged (Dow), Stocks did nothing (S&P), Stocks dumped (Nasdaq, Small Caps).... then Nasdaq was panic bid into the close as TLRY collapsed...

 

Futures show the chaotic divergence best...

 

FANG Stocks started exuberantly (erasing Monday's losses) but quickly faded to end the day unchangedish...

 

This is the fourth day in a row that a STOCK-PLUS-BOND portfolio has had a losing day...

 

But the big story is the surge in global bond yields which reached the highest in 5 years today...

 

US Treasury yields lifted again...

 

With 30Y Yields testing their four-year highs around 3.25%...

 

And 10Y Yields testing seven-year highs around 3.09%...

 

The yield curve steepening slowed today, stalling once again at a critical level...

 

The Dollar Index zig-zagged modestly lower on the day...

 

Offshore Yuan ended the day unchanged, dropping back below the CNY Fix...

 

EM FX rallied notably on the day led the Lira, Rand and Argentine Peso

 

Cryptos faded late in the day...

 

PMs gained on the dollar weakness but copper faded. Crude gained after the inventory draw...

 

Gold futures managed to hold above $1200 once again..

 

Finally, as if one didn't need to be told, this dash-for-trash rally just continues to surge as hedge funds' favorite holdings are getting crushed by the most-hated stocks out there...

But none of that matters.. because all you need to do is buy weed stocks!!

From $17 to $300 in 2 months... Just Doobie It.

And then everything went pear-shaped...from $300 to $150 in minutes and then back up to $220

Someone's gonna need a smoke after that!

Just look at the relationships between TLRY, Bitcoin, and Nasdaq Futs...