up. down. good. bad. "best economy ever". "recession imminent". record highs. record lows. Chinese stocks were broadly flat overnight but tech-heavy ChiNext was weaker... Source: Bloomberg European stocks were all weaker today, accelerating lower after the Italian political chaos... Source: Bloomberg Italian bond yields plunged today after the political chaos (likely delaying the budget-busting vote)... US equity markets gave back a good chunk of yesterday's hype-fueled gains... Dow futures show the pump and dump best... Sure enough the short-squeeze ran out of ammo and slumped... Source: Bloomberg 2019 still looks oddly similar to 1998... Source: Bloomberg S&P slipped back down to its 100DMA FANG stocks gave up all Monday's gains... Source: Bloomberg Bonds and stocks remain dramatically decoupled... Source: Bloomberg In fact the correlation between bond yields and stocks (typically positive - higher yields, higher stock prices), is its most negative since 2007... Source: Bloomberg Treasury yields continued their slide lower today after a brief bounce... Source: Bloomberg With 30Y heading back towards 2.0% again... Source: Bloomberg And the yield curve resumed flattening... Source: Bloomberg And the Term structure-implied odds of a recession are now above 70%... After 6 straight days higher (to the highest since 2018), the dollar index slipped lower today... Source: Bloomberg Cryptos were broadly lower today (Bitcoin held above $10k)... Source: Bloomberg Silver outperformed notably on the day and oil prices dumped and pumped... Source: Bloomberg Spot gold prices bounced back above $1500... Source: Bloomberg And Silver popped back above $17... Source: Bloomberg Silver significantly outperformed gold on the day... Source: Bloomberg WTI Crude tumbled after the US cash market open but was bid back to unchanged ahead of tonight's API inventory data... Source: Bloomberg Finally, bond markets are oddly alone in their volatility currently... Source: Bloomberg And gold continues to track the world's policymaker idiocy perfectly (Crypto has some catching up to do) Source: Bloomberg