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Bonds & The Dollar Go Nowhere As Stocks Surge On Trade-War Ceasefire Hope
05-21-2018, 04:40 PM,
#1
Bonds & The Dollar Go Nowhere As Stocks Surge On Trade-War Ceasefire Hope
Bonds & The Dollar Go Nowhere As Stocks Surge On Trade-War Ceasefire Hope

<p>Monday Humor...</p>

<p><a data-image-external-href="" data-image-href="/sites/default/files/inline-images/2018-05-21_12-06-28.jpg?itok=rjxLseEi" data-link-option="0" href="https://www.zerohedge.com/sites/default/files/inline-images/2018-05-21_12-06-28.jpg?itok=rjxLseEi"><img data-entity-type="file" data-entity-uuid="62ec84f9-83bf-4302-a04e-6aa763dd3bbf" data-responsive-image-style="inline_images" height="263" width="500" srcset="https://www.zerohedge.com/sites/default/files/styles/inline_image_desktop/public/inline-images/2018-05-21_12-06-28.jpg?itok=rjxLseEi 1x" src="https://www.zerohedge.com/sites/default/files/inline-images/2018-05-21_12-06-28.jpg" alt="" typeof="foaf:Image" /></a></p>

<p>Emerging markets are crashing, Italian capital markets are imploding, European money-markets are getting anxious, US bonds and the dollar do absolutely nothing... but The Dow spikes 300 points...(thanks to Boeing et al)</p>

<p><a data-image-external-href="" data-image-href="/sites/default/files/inline-images/2018-05-21_13-02-17.jpg?itok=mdL_UPu9" data-link-option="0" href="https://www.zerohedge.com/sites/default/files/inline-images/2018-05-21_13-02-17.jpg?itok=mdL_UPu9"><img data-entity-type="file" data-entity-uuid="2ad5bee3-a49c-47af-a1e8-44e871ebf135" data-responsive-image-style="inline_images" height="255" width="500" srcset="https://www.zerohedge.com/sites/default/files/styles/inline_image_desktop/public/inline-images/2018-05-21_13-02-17.jpg?itok=mdL_UPu9 1x" src="https://www.zerohedge.com/sites/default/files/inline-images/2018-05-21_13-02-17.jpg" alt="" typeof="foaf:Image" /></a></p>

<p>....On the basis of Steve Mnuchin proclaiming a ceasefire in the trade war...</p>

<p><iframe allow="autoplay; encrypted-media" allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/uNSDzxENR30" width="560"></iframe></p>

<p>Futures show the malarkey better with the insta-lift at the Sunday open, another momo ignition at the US open, a dump at the European close...</p>

<p><a data-image-external-href="" data-image-href="/sites/default/files/inline-images/2018-05-21_13-00-49.jpg?itok=4s8Vc0Eu" data-link-option="0" href="https://www.zerohedge.com/sites/default/files/inline-images/2018-05-21_13-00-49.jpg?itok=4s8Vc0Eu"><img data-entity-type="file" data-entity-uuid="6c37b93c-7dfc-43cd-b0b4-164ce1b8b50f" data-responsive-image-style="inline_images" height="279" width="500" srcset="https://www.zerohedge.com/sites/default/files/styles/inline_image_desktop/public/inline-images/2018-05-21_13-00-49.jpg?itok=4s8Vc0Eu 1x" src="https://www.zerohedge.com/sites/default/files/inline-images/2018-05-21_13-00-49.jpg" alt="" typeof="foaf:Image" /></a></p>

<p> </p>

<p><u><strong>Italy stole the headlines in Europe...</strong></u> As Peter Boockvar pointed out so eloquently, <em><strong>the Italian 2 yr yield has given back 3 years of monetary suppression in 6 trading days.</strong></em></p>

<p><a data-image-external-href="" data-image-href="/sites/default/files/inline-images/2018-05-21_12-11-44.jpg?itok=wXOT5Ayc" data-link-option="0" href="https://www.zerohedge.com/sites/default/files/inline-images/2018-05-21_12-11-44.jpg?itok=wXOT5Ayc"><img data-entity-type="file" data-entity-uuid="4cee98c7-b2d2-4b4f-bc62-db919e24a6c2" data-responsive-image-style="inline_images" height="261" width="500" srcset="https://www.zerohedge.com/sites/default/files/styles/inline_image_desktop/public/inline-images/2018-05-21_12-11-44.jpg?itok=wXOT5Ayc 1x" src="https://www.zerohedge.com/sites/default/files/inline-images/2018-05-21_12-11-44.jpg" alt="" typeof="foaf:Image" /></a></p>

<p>And Italian banks are a bloodbath still...</p>

<p><a data-image-external-href="" data-image-href="/sites/default/files/inline-images/2018-05-21_12-13-19.jpg?itok=xV3Cs9Ca" data-link-option="0" href="https://www.zerohedge.com/sites/default/files/inline-images/2018-05-21_12-13-19.jpg?itok=xV3Cs9Ca"><img data-entity-type="file" data-entity-uuid="c53882ec-49ab-44cc-8119-7b2c8bec200a" data-responsive-image-style="inline_images" height="260" width="500" srcset="https://www.zerohedge.com/sites/default/files/styles/inline_image_desktop/public/inline-images/2018-05-21_12-13-19.jpg?itok=xV3Cs9Ca 1x" src="https://www.zerohedge.com/sites/default/files/inline-images/2018-05-21_12-13-19.jpg" alt="" typeof="foaf:Image" /></a></p>

<p>The last month has seen EU banks massively underperform US banks...</p>

<p><a data-image-external-href="" data-image-href="/sites/default/files/inline-images/2018-05-21_12-15-20.jpg?itok=7LCT-Hqv" data-link-option="0" href="https://www.zerohedge.com/sites/default/files/inline-images/2018-05-21_12-15-20.jpg?itok=7LCT-Hqv"><img data-entity-type="file" data-entity-uuid="5d1f849b-2ca9-44f3-ad30-1537ea25c1a4" data-responsive-image-style="inline_images" height="259" width="500" srcset="https://www.zerohedge.com/sites/default/files/styles/inline_image_desktop/public/inline-images/2018-05-21_12-15-20.jpg?itok=7LCT-Hqv 1x" src="https://www.zerohedge.com/sites/default/files/inline-images/2018-05-21_12-15-20.jpg" alt="" typeof="foaf:Image" /></a></p>

<p> </p>

<p>Tesla was tumultuous - ripping on Musk's high-end Model 3 comments, dropping on Consumer Reports and yet another crash... but bonds weren't buying any of it...</p>

<p><a data-image-external-href="" data-image-href="/sites/default/files/inline-images/2018-05-21_9-40-15_0.jpg?itok=NaDThSe3" data-link-option="0" href="https://www.zerohedge.com/sites/default/files/inline-images/2018-05-21_9-40-15_0.jpg?itok=NaDThSe3"><img data-entity-type="file" data-entity-uuid="e84211e9-a478-4ad9-b9b9-ee4960bdc184" data-responsive-image-style="inline_images" height="265" width="500" srcset="https://www.zerohedge.com/sites/default/files/styles/inline_image_desktop/public/inline-images/2018-05-21_9-40-15_0.jpg?itok=NaDThSe3 1x" src="https://www.zerohedge.com/sites/default/files/inline-images/2018-05-21_9-40-15_0.jpg" alt="" typeof="foaf:Image" /></a></p>

<p> </p>

<p>Media types were excited about The Dow breaking 25k...Rescued at the last second...</p>

<p><a data-image-external-href="" data-image-href="/sites/default/files/inline-images/2018-05-21_13-04-33.jpg?itok=6jKcemwF" data-link-option="0" href="https://www.zerohedge.com/sites/default/files/inline-images/2018-05-21_13-04-33.jpg?itok=6jKcemwF"><img data-entity-type="file" data-entity-uuid="8c452e8c-ce24-4740-8b52-0ad396ae1291" data-responsive-image-style="inline_images" height="255" width="500" srcset="https://www.zerohedge.com/sites/default/files/styles/inline_image_desktop/public/inline-images/2018-05-21_13-04-33.jpg?itok=6jKcemwF 1x" src="https://www.zerohedge.com/sites/default/files/inline-images/2018-05-21_13-04-33.jpg" alt="" typeof="foaf:Image" /></a></p>

<p>VIX was pressured each time...</p>

<p><a data-image-external-href="" data-image-href="/sites/default/files/inline-images/2018-05-21_13-03-02.jpg?itok=y8SYr1p1" data-link-option="0" href="https://www.zerohedge.com/sites/default/files/inline-images/2018-05-21_13-03-02.jpg?itok=y8SYr1p1"><img data-entity-type="file" data-entity-uuid="da5509b5-6c70-494e-bc39-523a84989947" data-responsive-image-style="inline_images" height="296" width="500" srcset="https://www.zerohedge.com/sites/default/files/styles/inline_image_desktop/public/inline-images/2018-05-21_13-03-02.jpg?itok=y8SYr1p1 1x" src="https://www.zerohedge.com/sites/default/files/inline-images/2018-05-21_13-03-02.jpg" alt="" typeof="foaf:Image" /></a></p>

<p><br />
Another day another short squeeze at the open...</p>

<p><a data-image-external-href="" data-image-href="/sites/default/files/inline-images/2018-05-21_12-54-28.jpg?itok=85q-BfOT" data-link-option="0" href="https://www.zerohedge.com/sites/default/files/inline-images/2018-05-21_12-54-28.jpg?itok=85q-BfOT"><img data-entity-type="file" data-entity-uuid="2d4c54b3-0138-4a94-8020-f1879ebd11de" data-responsive-image-style="inline_images" height="267" width="500" srcset="https://www.zerohedge.com/sites/default/files/styles/inline_image_desktop/public/inline-images/2018-05-21_12-54-28.jpg?itok=85q-BfOT 1x" src="https://www.zerohedge.com/sites/default/files/inline-images/2018-05-21_12-54-28.jpg" alt="" typeof="foaf:Image" /></a></p>

<p> </p>

<p>Treasury yields traded in a very narrow range going nowhere on the day...</p>

<p><a data-image-external-href="" data-image-href="/sites/default/files/inline-images/2018-05-21_12-20-04.jpg?itok=OfECmpYY" data-link-option="0" href="https://www.zerohedge.com/sites/default/files/inline-images/2018-05-21_12-20-04.jpg?itok=OfECmpYY"><img data-entity-type="file" data-entity-uuid="dd404f25-c2f3-4404-9a8e-2d0c79119f9a" data-responsive-image-style="inline_images" height="263" width="500" srcset="https://www.zerohedge.com/sites/default/files/styles/inline_image_desktop/public/inline-images/2018-05-21_12-20-04.jpg?itok=OfECmpYY 1x" src="https://www.zerohedge.com/sites/default/files/inline-images/2018-05-21_12-20-04.jpg" alt="" typeof="foaf:Image" /></a></p>

<p> </p>

<p>The yield curve extended Friday's flattening trend...</p>

<p><a data-image-external-href="" data-image-href="/sites/default/files/inline-images/2018-05-21_12-23-06_0.jpg?itok=y9FlA5h5" data-link-option="0" href="https://www.zerohedge.com/sites/default/files/inline-images/2018-05-21_12-23-06_0.jpg?itok=y9FlA5h5"><img data-entity-type="file" data-entity-uuid="4d85fe12-7305-46fb-8c94-418489024939" data-responsive-image-style="inline_images" height="261" width="500" srcset="https://www.zerohedge.com/sites/default/files/styles/inline_image_desktop/public/inline-images/2018-05-21_12-23-06_0.jpg?itok=y9FlA5h5 1x" src="https://www.zerohedge.com/sites/default/files/inline-images/2018-05-21_12-23-06_0.jpg" alt="" typeof="foaf:Image" /></a></p>

<p> </p>

<p>The Dollar roundtripped to end the day unchanged...</p>

<p><a data-image-external-href="" data-image-href="/sites/default/files/inline-images/2018-05-21_12-21-18.jpg?itok=OMBLhWz4" data-link-option="0" href="https://www.zerohedge.com/sites/default/files/inline-images/2018-05-21_12-21-18.jpg?itok=OMBLhWz4"><img data-entity-type="file" data-entity-uuid="f81560e2-9a47-4259-ad51-89ee2bb27f96" data-responsive-image-style="inline_images" height="257" width="500" srcset="https://www.zerohedge.com/sites/default/files/styles/inline_image_desktop/public/inline-images/2018-05-21_12-21-18.jpg?itok=OMBLhWz4 1x" src="https://www.zerohedge.com/sites/default/files/inline-images/2018-05-21_12-21-18.jpg" alt="" typeof="foaf:Image" /></a></p>

<p> </p>

<p>Emerging Market FX actually managed a gain today (but don't get too excited)</p>

<p><a data-image-external-href="" data-image-href="/sites/default/files/inline-images/2018-05-21_12-38-11.jpg?itok=Z7HHcX_d" data-link-option="0" href="https://www.zerohedge.com/sites/default/files/inline-images/2018-05-21_12-38-11.jpg?itok=Z7HHcX_d"><img data-entity-type="file" data-entity-uuid="92d5da48-50ae-4d60-857d-f07058ea92a2" data-responsive-image-style="inline_images" height="261" width="500" srcset="https://www.zerohedge.com/sites/default/files/styles/inline_image_desktop/public/inline-images/2018-05-21_12-38-11.jpg?itok=Z7HHcX_d 1x" src="https://www.zerohedge.com/sites/default/files/inline-images/2018-05-21_12-38-11.jpg" alt="" typeof="foaf:Image" /></a></p>

<p> </p>

<p>But the Turkish Lira continued its carnage...testing a record low 4.6/USD today</p>

<p><a data-image-external-href="" data-image-href="/sites/default/files/inline-images/2018-05-21_12-41-42.jpg?itok=cYJlFsZ2" data-link-option="0" href="https://www.zerohedge.com/sites/default/files/inline-images/2018-05-21_12-41-42.jpg?itok=cYJlFsZ2"><img data-entity-type="file" data-entity-uuid="692b80eb-8b74-4bd2-a766-0b94d1e592b9" data-responsive-image-style="inline_images" height="263" width="500" srcset="https://www.zerohedge.com/sites/default/files/styles/inline_image_desktop/public/inline-images/2018-05-21_12-41-42.jpg?itok=cYJlFsZ2 1x" src="https://www.zerohedge.com/sites/default/files/inline-images/2018-05-21_12-41-42.jpg" alt="" typeof="foaf:Image" /></a></p>

<p> </p>

<p>Cryptocurrencies had a decent weekend but Monday morning blues sent them lower...</p>

<p><a data-image-external-href="" data-image-href="/sites/default/files/inline-images/2018-05-21_12-35-59.jpg?itok=iWlu-aGj" data-link-option="0" href="https://www.zerohedge.com/sites/default/files/inline-images/2018-05-21_12-35-59.jpg?itok=iWlu-aGj"><img data-entity-type="file" data-entity-uuid="c9481be2-33fa-4aff-86c5-f836ef4a73ea" data-responsive-image-style="inline_images" height="260" width="500" srcset="https://www.zerohedge.com/sites/default/files/styles/inline_image_desktop/public/inline-images/2018-05-21_12-35-59.jpg?itok=iWlu-aGj 1x" src="https://www.zerohedge.com/sites/default/files/inline-images/2018-05-21_12-35-59.jpg" alt="" typeof="foaf:Image" /></a></p>

<p> </p>

<p>Gold ended the day unchanged (silver outperformed) but copper and crude rallied (trade hope)</p>

<p><a data-image-external-href="" data-image-href="/sites/default/files/inline-images/2018-05-21_12-39-56.jpg?itok=Ltpx_Qwp" data-link-option="0" href="https://www.zerohedge.com/sites/default/files/inline-images/2018-05-21_12-39-56.jpg?itok=Ltpx_Qwp"><img data-entity-type="file" data-entity-uuid="b7d64e28-623c-4efc-a1db-69a7c5af18f1" data-responsive-image-style="inline_images" height="266" width="500" srcset="https://www.zerohedge.com/sites/default/files/styles/inline_image_desktop/public/inline-images/2018-05-21_12-39-56.jpg?itok=Ltpx_Qwp 1x" src="https://www.zerohedge.com/sites/default/files/inline-images/2018-05-21_12-39-56.jpg" alt="" typeof="foaf:Image" /></a></p>

<p> </p>

<p>Finally we note that stocks and credit have decoupled again...</p>

<p><a data-image-external-href="" data-image-href="/sites/default/files/inline-images/2018-05-21_12-45-11.jpg?itok=ZTR8M4YC" data-link-option="0" href="https://www.zerohedge.com/sites/default/files/inline-images/2018-05-21_12-45-11.jpg?itok=ZTR8M4YC"><img data-entity-type="file" data-entity-uuid="6d9429b1-55f4-43b5-b3a2-db310597b81c" data-responsive-image-style="inline_images" height="255" width="500" srcset="https://www.zerohedge.com/sites/default/files/styles/inline_image_desktop/public/inline-images/2018-05-21_12-45-11.jpg?itok=ZTR8M4YC 1x" src="https://www.zerohedge.com/sites/default/files/inline-images/2018-05-21_12-45-11.jpg" alt="" typeof="foaf:Image" /></a></p>

<p> </p>

<p>Credit and equity protection costs are also decoupled...</p>

<p><a data-image-external-href="" data-image-href="/sites/default/files/inline-images/2018-05-21_12-48-24.jpg?itok=h7TSZ4uh" data-link-option="0" href="https://www.zerohedge.com/sites/default/files/inline-images/2018-05-21_12-48-24.jpg?itok=h7TSZ4uh"><img data-entity-type="file" data-entity-uuid="db3b29d6-989c-4010-9fc1-998a305117b1" data-responsive-image-style="inline_images" height="261" width="500" srcset="https://www.zerohedge.com/sites/default/files/styles/inline_image_desktop/public/inline-images/2018-05-21_12-48-24.jpg?itok=h7TSZ4uh 1x" src="https://www.zerohedge.com/sites/default/files/inline-images/2018-05-21_12-48-24.jpg" alt="" typeof="foaf:Image" /></a></p>

<p> </p>

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