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Dow Closes Green: GE Crashes, Bitcoin Bounces, & Junk Bonds Suffer Record Outflows

Baahhhhh...

 

The day started off with the 4th down day in a row for Japanese stocks...the biggest drop since April.

 

It was quite a day for a few key assets...

GE collapsed...

Chipotle crashed then ripped back...

 

EM Debt has been pummeled...

 

Biotechs puked...

 

Bitcoin was battered then bounced...

 

And then there's Roku... $18.42 to $47.49 in 3 days...

 

But none of that matters silly - the Dow was green

 

VIX ended higher on the day but was clubbed likje a baby seal at the US open...

 

Small Caps lagged but are glued to their 50DMA...

 

Futures show the ramp at the US equity open...

 

Thanks to an epic rip at the open in USDJPY...

 

JNK (HY Bond ETF) has seen outflows for 5 days straight with Friday among the biggest outflows on record... (HYG has seen outflows on 10 of the last 12 days)

 

And HY remains entirely decoupled from stocks...

HYG held at its lows...

 

Treasury yields were mixed with the long-end outperforming (30Y -1.5bps) and the short-end weak (2Y +3bps)...

 

10Y ramped back to the 2.40% Maginot Line...

 

With a reversion to the flattening trend...

 

The Dollar Index rebounded modestly today but was trendless...

 

Crude flatlined on the day but copper and silver saw a panic-buying algo strike around 0830ET

 

Gold never jumped on Silver's surge...

 

And Copper's outperformance continues to signal 3.00% 10Y yield...