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China Drops, US Pops After Trillion Yuan Pump Trumps Morgan Stanley Dump
01-17-2019, 05:33 PM,
#1
China Drops, US Pops After Trillion Yuan Pump Trumps Morgan Stanley Dump
China Drops, US Pops After Trillion Yuan Pump Trumps Morgan Stanley Dump

<p>Another day, another wild ride...</p>

<p><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/GY0kGYuGdFQ" width="560"></iframe></p>

<p>Ugly night in China...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/2019-01-17_12-27-42.jpg?itok=xcQ3U8V3" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/2019-01-17_12-27-42.jpg?itok=xcQ3U8V3"><img data-entity-type="file" data-entity-uuid="d8ee304b-a457-48de-8ad1-07531cf1bafa" data-responsive-image-style="inline_images" height="259" width="500" srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-01-17_12-27-42.jpg?itok=xcQ3U8V3 1x" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/2019-01-17_12-27-42.jpg" alt="" typeof="foaf:Image" /></a></p>

<p>Despite over a trillion yuan in liquidity injections...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/2019-01-17_12-41-52.jpg?itok=RkVOMkcH" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/2019-01-17_12-41-52.jpg?itok=RkVOMkcH"><img data-entity-type="file" data-entity-uuid="4bd9db65-dcfb-4570-912f-4d417009bc02" data-responsive-image-style="inline_images" height="250" width="500" srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-01-17_12-41-52.jpg?itok=RkVOMkcH 1x" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/2019-01-17_12-41-52.jpg" alt="" typeof="foaf:Image" /></a></p>

<p>And before we move on Hong Kong was hit by some crazy flash-crashes overnight...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/2019-01-17_9-28-55.jpg?itok=eY4xLYml" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/2019-01-17_9-28-55.jpg?itok=eY4xLYml"><img data-entity-type="file" data-entity-uuid="1f35dee4-abf2-4d3c-8922-898785ed702c" data-responsive-image-style="inline_images" height="261" width="500" srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-01-17_9-28-55.jpg?itok=eY4xLYml 1x" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/2019-01-17_9-28-55.jpg" alt="" typeof="foaf:Image" /></a></p>

<p>The UK's FTSE continues to lag as Italy soars...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/2019-01-17_12-43-44.jpg?itok=j2JsGIbt" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/2019-01-17_12-43-44.jpg?itok=j2JsGIbt"><img data-entity-type="file" data-entity-uuid="cdd4e467-2bed-4df3-b3de-37f7693dbc95" data-responsive-image-style="inline_images" height="263" width="500" srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-01-17_12-43-44.jpg?itok=j2JsGIbt 1x" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/2019-01-17_12-43-44.jpg" alt="" typeof="foaf:Image" /></a></p>

<p> </p>

<p>And then at around 1445ET, headlines hit that suggested US folding on China trade tariffs and stocks (and yuan) surged...and then retraced it all as TSY denied...but stocks tried valiantly to ignore the denial...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/2019-01-17_13-00-26.jpg?itok=pTS3sTzp" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/2019-01-17_13-00-26.jpg?itok=pTS3sTzp"><img data-entity-type="file" data-entity-uuid="bfe1dbea-d1ca-4a02-98e8-d3f6ff2d1835" data-responsive-image-style="inline_images" height="293" width="500" srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-01-17_13-00-26.jpg?itok=pTS3sTzp 1x" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/2019-01-17_13-00-26.jpg" alt="" typeof="foaf:Image" /></a></p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/2019-01-17_12-25-18.jpg?itok=ZNXgpodr" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/2019-01-17_12-25-18.jpg?itok=ZNXgpodr"><img data-entity-type="file" data-entity-uuid="7c01b3d2-835c-42f7-bf9a-aa6c7573c69e" data-responsive-image-style="inline_images" height="256" width="500" srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-01-17_12-25-18.jpg?itok=ZNXgpodr 1x" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/2019-01-17_12-25-18.jpg" alt="" typeof="foaf:Image" /></a></p>

<p> </p>

<p>Futures show that the WSJ headlines over trade were so perfectly timed as The Dow managed to get back to unchanged... almost as if someone wanted the market to pop there and panted the story...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/2019-01-17_12-55-45.jpg?itok=gp55SFL5" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/2019-01-17_12-55-45.jpg?itok=gp55SFL5"><img data-entity-type="file" data-entity-uuid="d3c3efd0-8c5a-46f2-9b51-9725bee11ed6" data-responsive-image-style="inline_images" height="299" width="500" srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-01-17_12-55-45.jpg?itok=gp55SFL5 1x" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/2019-01-17_12-55-45.jpg" alt="" typeof="foaf:Image" /></a></p>

<p> </p>

<p>All the US majors pushed back above their 50DMAs...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/2019-01-17_12-53-26_0.jpg?itok=Y8nU-A8d" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/2019-01-17_12-53-26_0.jpg?itok=Y8nU-A8d"><img data-entity-type="file" data-entity-uuid="7f7589c3-6ae6-4f8f-a414-b14b4e9a7a23" data-responsive-image-style="inline_images" height="265" width="500" srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-01-17_12-53-26_0.jpg?itok=Y8nU-A8d 1x" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/2019-01-17_12-53-26_0.jpg" alt="" typeof="foaf:Image" /></a></p>

<p> </p>

<p>Morgan Stanley - like every other major - saw terrible FICC performance, but had no redeeming features to spur a bounce and that rather spoiled the party for financials...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/2019-01-17_12-51-28.jpg?itok=g_IVoMqg" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/2019-01-17_12-51-28.jpg?itok=g_IVoMqg"><img data-entity-type="file" data-entity-uuid="1f0c8542-56dc-4f62-9ef9-6a54f34eb1dc" data-responsive-image-style="inline_images" height="365" width="500" srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-01-17_12-51-28.jpg?itok=g_IVoMqg 1x" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/2019-01-17_12-51-28.jpg" alt="" typeof="foaf:Image" /></a></p>

<p>The big question is, what happens next?</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/2019-01-17_8-47-28.jpg?itok=fsUEfbhL" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/2019-01-17_8-47-28.jpg?itok=fsUEfbhL"><img data-entity-type="file" data-entity-uuid="4dd0a951-e779-46b2-9884-2effc2ad34a8" data-responsive-image-style="inline_images" height="262" width="500" srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-01-17_8-47-28.jpg?itok=fsUEfbhL 1x" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/2019-01-17_8-47-28.jpg" alt="" typeof="foaf:Image" /></a></p>

<p> </p>

<p>Bond yields jumped on the day and did not retrace on the denials...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/2019-01-17_12-46-53.jpg?itok=_K6d8SJn" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/2019-01-17_12-46-53.jpg?itok=_K6d8SJn"><img data-entity-type="file" data-entity-uuid="3c9eea9c-d8f9-4efa-bb61-be8a38d6728a" data-responsive-image-style="inline_images" height="244" width="500" srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-01-17_12-46-53.jpg?itok=_K6d8SJn 1x" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/2019-01-17_12-46-53.jpg" alt="" typeof="foaf:Image" /></a></p>

<p> </p>

<p>Pushing 10Y Yields to the 2019 highs...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/2019-01-17_12-48-52.jpg?itok=KF90FKNC" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/2019-01-17_12-48-52.jpg?itok=KF90FKNC"><img data-entity-type="file" data-entity-uuid="8e795c21-129e-4270-aa2f-67a39e19fbea" data-responsive-image-style="inline_images" height="258" width="500" srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-01-17_12-48-52.jpg?itok=KF90FKNC 1x" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/2019-01-17_12-48-52.jpg" alt="" typeof="foaf:Image" /></a></p>

<p> </p>

<p>The Dollar index popped and chopped once again to end the day almost unchanged... (up on the week)</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/2019-01-17_12-50-07.jpg?itok=XDfbqGdy" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/2019-01-17_12-50-07.jpg?itok=XDfbqGdy"><img data-entity-type="file" data-entity-uuid="3a4d1b40-42e2-421c-a315-01242a4204a6" data-responsive-image-style="inline_images" height="247" width="500" srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-01-17_12-50-07.jpg?itok=XDfbqGdy 1x" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/2019-01-17_12-50-07.jpg" alt="" typeof="foaf:Image" /></a></p>

<p> </p>

<p>Copper and crude spiked on the Trade headlines (but didn't retrace on the denials)...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/2019-01-17_12-46-16.jpg?itok=_eyvkz_T" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/2019-01-17_12-46-16.jpg?itok=_eyvkz_T"><img data-entity-type="file" data-entity-uuid="ad037362-56b6-429a-b0cb-0b1a841d2f85" data-responsive-image-style="inline_images" height="265" width="500" srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-01-17_12-46-16.jpg?itok=_eyvkz_T 1x" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/2019-01-17_12-46-16.jpg" alt="" typeof="foaf:Image" /></a></p>

<p> </p>

<p>In other news, <strong>Palladium exploded to yet another new all-time record high above $1400 for the first time</strong> (up over 12% YTD)...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/2019-01-17_8-37-07.jpg?itok=k3I4YyIq" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/2019-01-17_8-37-07.jpg?itok=k3I4YyIq"><img data-entity-type="file" data-entity-uuid="fc805036-2009-4dcc-bb95-cac50061e923" data-responsive-image-style="inline_images" height="262" width="500" srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-01-17_8-37-07.jpg?itok=k3I4YyIq 1x" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/2019-01-17_8-37-07.jpg" alt="" typeof="foaf:Image" /></a></p>

<p>Pushing it higher than gold for first time since 2002...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/2019-01-17_8-29-44.jpg?itok=3Kyx-DA-" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/2019-01-17_8-29-44.jpg?itok=3Kyx-DA-"><img data-entity-type="file" data-entity-uuid="e8c5c85f-4841-4c98-8ffa-f9545c05a76c" data-responsive-image-style="inline_images" height="262" width="500" srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-01-17_8-29-44.jpg?itok=3Kyx-DA- 1x" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/2019-01-17_8-29-44.jpg" alt="" typeof="foaf:Image" /></a></p>

<p> </p>

<p>Finally we note that US equities have now surged back near a record high valuation relative to Europe...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/2019-01-17_8-34-30.jpg?itok=rPsq-a-x" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/2019-01-17_8-34-30.jpg?itok=rPsq-a-x"><img data-entity-type="file" data-entity-uuid="1e06af0f-865f-4b0a-a616-3eac9bbdf29a" data-responsive-image-style="inline_images" height="228" width="500" srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-01-17_8-34-30.jpg?itok=rPsq-a-x 1x" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/2019-01-17_8-34-30.jpg" alt="" typeof="foaf:Image" /></a></p>

<p>And of course, NFLX is up next... with quite a low barrier for a beat...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/2019-01-17_10-30-27_0.jpg?itok=hP4hfEZp" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/2019-01-17_10-30-27_0.jpg?itok=hP4hfEZp"><img data-entity-type="file" data-entity-uuid="8650143c-36c7-40e6-8638-67d1b5c2b4c0" data-responsive-image-style="inline_images" height="262" width="500" srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-01-17_10-30-27_0.jpg?itok=hP4hfEZp 1x" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/2019-01-17_10-30-27_0.jpg" alt="" typeof="foaf:Image" /></a></p><img src="http://feeds.feedburner.com/~r/zerohedge/feed/~4/Se-1YQGBcq4" height="1" width="1" alt=""/>


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