A growing cluster of Hindenburg Omens is raising anxiety levels…

As US equities decouple from the rest of the world and push to ever higher record highs.

As Bloomberg notes, on both the New York Stock Exchange and the Nasdaq there have been eight of these technical patterns over the past six sessions, Sundial Capital’s Jason Goepfert said, the biggest cluster since 2014 and the third-longest stretch in 50 years.

The indicator, named after the German zeppelin that caught fire and crashed more than eight decades ago, gauges indecision in the market and is designed to predict a decline within 40 days.

And while warning signals are flashing in equity land, uncertainty in US Treasury bond markets has plummeted to near record lows…

The CBOE/CBOT 10-year U.S. Treasury Note Volatility fell to 3.38 today, which is the lowest since December when it fell to a record low.

Back to today’s markets, they were uncharacteristically quiet with Trump’s tweet denial of WSJ’s trade talks story the only news catalyst for a move… (Small Caps and Trannies underperformed on the day)

 

But that impact yuan more than stocks…

 

S&P topped 2,900 intraday and it appears someone wanted to ensure a close above that level…

Thanks to some panic-selling of vol in the last 30 mins…

China stocks were miraculously lifted in the afternoon session…

 

If you’re in the mood for a laugh, here is China’s ‘Tesla’ – NIO – which soared 72% today (after its disappointing IPO yesterday at the low end of its range)…

 

 

Treasury yields tumbled on the CPI miss this morning, but retraced those gains after Europe closed…

 

The Dollar Index dropped once again (3rd drop in the last 4 days)…

 

But EM FX was mixed with Argentina and Brazil dropping as Lira, Rand, and Ruble rallied…

Cryptocurrencies bucked their recent trend and ended in the green today, with Bitcoin managing to scramble up to unchanged on the week…

 

Despite the dollar weakness, commodities could not maintain a bid, fading after the CPI disappointment as Reflation bets faded…

 

WTI dropped back below $69 and Gold futures pushed down towards $1200…

 

Finally, we thought it interesting that the entire Chinese stock market capitalization is now just 5 times larger than AAPL’s (down from nearly 14 times back at the peak of its 2015 bubble)…

The country’s stock market, which is no longer the world’s second biggest, has dropped in value as concerns over economic growth and a trade war with the U.S. linger. China’s market capitalization now stands at $5.7 trillion, leaving its multiple over Apple near the lowest since 2012, according to data compiled by Bloomberg.

 

 



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