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Oilpocalypse Beats Buyback Bonanza - Traders Sell Everything

Another Yuan devaluation, PBOC propaganda, dismal European data, flat US retail sales and recessionary US inventory data... everything must be awesome!! But then again...

 

Summing up today: Sell bonds, sell emerging market stocks, sell gold, sell silver, sell US Dollars, sell crude oil, sell European bonds... and Sell VIX... BTFD In US Equities... but once the AAPL buybacks stopped... Sell Stocks too!!

 

Still could be worse, could be SHAK management trying to dump a secondary on the greater fools...

 

On the day, stocks tanked after the "good" retail sales news but quickly rallied back helped by weak inventories data...things went very quiet for a few hours before the late day saw a wave of selling hit stocks...

A reminder of what the "good" news looked like...

"Retail sales were very strong" pic.twitter.com/4giKgQ3yEL

— zerohedge (@zerohedge)

 

Leaving only The Dow marginally higher on the day...

 

On the week...Nasdaq pulls back to unch with Small Caps red...

 

Finally Energy stocks started to leak back to credit and  oil reality..

 

Energy stocks catching down to reality...

 

VIX picking back up again after testing 13.00...

 

Energy credit risk hit new record highs...

 

Credit markets were weak all day...

 

Treasury Yields rose for the 2nd day, leaving all but 2Y higher on the week... (a weak 30Y auction with a 1.8bps tail sparked late weakness)

 

The US Dollar index limped very modestly higher on the day as EURUSD tested back down to 1.1100 before bouncing...

 

Commodities were mixed despite a flat dollar (copper rallied marginally as the rest were hit)...

 

As WTI was hammered to new 6-year lows... this will be the 9th wek in a row of falling prices...

 

Charts: Bloomberg

Bonus Chart: Offshore Yuan suggests another 1% devaluation in the Yuan Fix tonight...