Seemed appropriate: Dismal China data overnight did not help the fact that China's 'National Team' appears to have abandoned investors... European markets extended gains on the day (except DAX was unchanged)... 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)... S&P futures show a series of lower lows and lower highs today... It appears the short-squeeze ammo has run out ahead of tomorrow's quad witch... 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... It remains a long way for stocks to fall back to bond market reality... The compression of VIX and Credit spreads has stalled... Treasury yields were largely unchanged across the curve once again today, but we do note the long-end saw some notable underperformance... With 30Y Yields bouncing off the 3.00% level... The market is pricing in 14.5bps of rate-cuts in 2019 - the most dovish since the crash at the start of the year... And finally in rate land, the probability of a rate cut in Jan 2020 is now at its highest level since Dec... The Dollar rebounded higher today after 4 straight days lower... Cable slid after the vote in "sell the news" style action... Cryptos were very noisy today... The dollar strength weighed on PMs today as Copper slid on weak China... WTI managed more gains today, after an early dip, but traded in a very tight range around $58.50 for much of the afternoon... And gold fell back below the $1300 level... Finally, we wonder what happens next week as the momentum-chasing muppets of Quad-Witch evaporate...