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Stocks Near Record Highs As Economic Data Dumps To 21-Month Lows
04-16-2019, 04:32 PM,
#1
Stocks Near Record Highs As Economic Data Dumps To 21-Month Lows
Stocks Near Record Highs As Economic Data Dumps To 21-Month Lows

<p>US equity markets are within an algo's angry inch of record highs - which must mean everything is awesome, right?</p>

<p><em><strong>There's just one thing...</strong></em><strong><em> </em></strong>US Economic Data surprises are at their weakest since July 2017 and are currently at the<strong> worst of all the world's majors...</strong></p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfm2DD0.jpg?itok=yUuuB5iJ" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfm2DD0.jpg?itok=yUuuB5iJ"><picture><!--[if IE 9]><video style="display: none;"><![endif]--><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm2DD0.jpg?itok=EkMRykM6 1x" media="all and (min-width: 1280px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm2DD0.jpg?itok=EkMRykM6 1x" media="all and (min-width: 480px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm2DD0.jpg?itok=EkMRykM6 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=EkMRykM6 2x" media="all and (min-width: 1024px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm2DD0.jpg?itok=EkMRykM6 1x" media="all and (min-width: 768px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/bfm2DD0.jpg?itok=yUuuB5iJ 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="483ad068-d7df-4680-abef-90385a4ab871" data-responsive-image-style="inline_images" height="261" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/bfm2DD0.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p>We've seen this before...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfm6896.jpg?itok=KUx_Hkr6" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfm6896.jpg?itok=KUx_Hkr6"><picture><!--[if IE 9]><video style="display: none;"><![endif]--><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm6896.jpg?itok=xRiat0dv 1x" media="all and (min-width: 1280px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm6896.jpg?itok=xRiat0dv 1x" media="all and (min-width: 480px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm6896.jpg?itok=xRiat0dv 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=xRiat0dv 2x" media="all and (min-width: 1024px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm6896.jpg?itok=xRiat0dv 1x" media="all and (min-width: 768px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/bfm6896.jpg?itok=KUx_Hkr6 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="528b72e8-8a65-47ee-937d-c162cea3d5b1" data-responsive-image-style="inline_images" height="262" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/bfm6896.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p>And one more thing... earnings expectations aren't buying the bounce either...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfm343A.jpg?itok=ZXrQCyEk" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfm343A.jpg?itok=ZXrQCyEk"><picture><!--[if IE 9]><video style="display: none;"><![endif]--><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm343A.jpg?itok=teN1Dknk 1x" media="all and (min-width: 1280px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm343A.jpg?itok=teN1Dknk 1x" media="all and (min-width: 480px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm343A.jpg?itok=teN1Dknk 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=teN1Dknk 2x" media="all and (min-width: 1024px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm343A.jpg?itok=teN1Dknk 1x" media="all and (min-width: 768px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/bfm343A.jpg?itok=ZXrQCyEk 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="34d0ab0b-f503-4adc-a2a6-48fbbde05321" data-responsive-image-style="inline_images" height="260" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/bfm343A.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p>And one more thing - Volume is notably (negatively) diverging from price action in this latest surge for the highs...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/2019-04-16_11-06-10.jpg?itok=u4qoZtfx" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/2019-04-16_11-06-10.jpg?itok=u4qoZtfx"><picture><!--[if IE 9]><video style="display: none;"><![endif]--><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-04-16_11-06-10.jpg?itok=_jttvtdw 1x" media="all and (min-width: 1280px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-04-16_11-06-10.jpg?itok=_jttvtdw 1x" media="all and (min-width: 480px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-04-16_11-06-10.jpg?itok=_jttvtdw 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=_jttvtdw 2x" media="all and (min-width: 1024px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-04-16_11-06-10.jpg?itok=_jttvtdw 1x" media="all and (min-width: 768px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2019-04-16_11-06-10.jpg?itok=u4qoZtfx 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="2c9a8217-3e8a-4686-8c89-b9f5469df4f9" data-responsive-image-style="inline_images" height="241" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/2019-04-16_11-06-10.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p>And finally, one last thing - Dr.Lumber (Dr.Copper's much more knowledgable big brother) is not buying it... again!</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfm5DD.jpg?itok=_qiSBrYA" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfm5DD.jpg?itok=_qiSBrYA"><picture><!--[if IE 9]><video style="display: none;"><![endif]--><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm5DD.jpg?itok=sI9Oz47w 1x" media="all and (min-width: 1280px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm5DD.jpg?itok=sI9Oz47w 1x" media="all and (min-width: 480px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm5DD.jpg?itok=sI9Oz47w 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=sI9Oz47w 2x" media="all and (min-width: 1024px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm5DD.jpg?itok=sI9Oz47w 1x" media="all and (min-width: 768px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/bfm5DD.jpg?itok=_qiSBrYA 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="ccf53f73-9324-412b-84e2-a377ad0b2480" data-responsive-image-style="inline_images" height="260" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/bfm5DD.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p>So what's lifting stocks? Simple - the central banks...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/2019-04-16_11-19-44.jpg?itok=3f3852Z4" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/2019-04-16_11-19-44.jpg?itok=3f3852Z4"><picture><!--[if IE 9]><video style="display: none;"><![endif]--><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-04-16_11-19-44.jpg?itok=-09q-ukn 1x" media="all and (min-width: 1280px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-04-16_11-19-44.jpg?itok=-09q-ukn 1x" media="all and (min-width: 480px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-04-16_11-19-44.jpg?itok=-09q-ukn 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=-09q-ukn 2x" media="all and (min-width: 1024px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-04-16_11-19-44.jpg?itok=-09q-ukn 1x" media="all and (min-width: 768px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2019-04-16_11-19-44.jpg?itok=3f3852Z4 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="ae8cfa15-34c8-4456-8349-adc22b6cbcb9" data-responsive-image-style="inline_images" height="296" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/2019-04-16_11-19-44.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p>Because in this fragile world - as an increasing number of non-elites realize the curtain has been pulled back and the level of stocks is all that matters...</p>

<p><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/zDAmPIq29ro" width="560"></iframe></p>

<p>*  *  *</p>

<p>Monday's weakness in Chinese stocks was quickly swiped away by a morning and afternoon session surge...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfm4EF9.jpg?itok=ax2kDoYh" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfm4EF9.jpg?itok=ax2kDoYh"><picture><!--[if IE 9]><video style="display: none;"><![endif]--><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm4EF9.jpg?itok=TrXlB7nN 1x" media="all and (min-width: 1280px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm4EF9.jpg?itok=TrXlB7nN 1x" media="all and (min-width: 480px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm4EF9.jpg?itok=TrXlB7nN 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=TrXlB7nN 2x" media="all and (min-width: 1024px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm4EF9.jpg?itok=TrXlB7nN 1x" media="all and (min-width: 768px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/bfm4EF9.jpg?itok=ax2kDoYh 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="24c03e08-7a48-4c6c-b5aa-996b716dad03" data-responsive-image-style="inline_images" height="260" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/bfm4EF9.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p> </p>

<p>European markets also surged, led by Germany's DAX...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfmDF9C.jpg?itok=vsEovyAY" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfmDF9C.jpg?itok=vsEovyAY"><picture><!--[if IE 9]><video style="display: none;"><![endif]--><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfmDF9C.jpg?itok=kD9f4uRx 1x" media="all and (min-width: 1280px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfmDF9C.jpg?itok=kD9f4uRx 1x" media="all and (min-width: 480px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfmDF9C.jpg?itok=kD9f4uRx 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=kD9f4uRx 2x" media="all and (min-width: 1024px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfmDF9C.jpg?itok=kD9f4uRx 1x" media="all and (min-width: 768px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/bfmDF9C.jpg?itok=vsEovyAY 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="54d36792-d0e2-42a6-b73f-237938f6a782" data-responsive-image-style="inline_images" height="260" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/bfmDF9C.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p> </p>

<p>US markets were less exuberant that Europe and China but managed gains again. AAPL's weakness dragged the market briefly red in the last 30 mins, but as always it bounced... Nasdaq best on the day, S&P managed very modest gains...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/2019-04-16_13-00-13.jpg?itok=I48wb5Be" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/2019-04-16_13-00-13.jpg?itok=I48wb5Be"><picture><!--[if IE 9]><video style="display: none;"><![endif]--><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-04-16_13-00-13.jpg?itok=_fPkUeX2 1x" media="all and (min-width: 1280px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-04-16_13-00-13.jpg?itok=_fPkUeX2 1x" media="all and (min-width: 480px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-04-16_13-00-13.jpg?itok=_fPkUeX2 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=_fPkUeX2 2x" media="all and (min-width: 1024px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-04-16_13-00-13.jpg?itok=_fPkUeX2 1x" media="all and (min-width: 768px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2019-04-16_13-00-13.jpg?itok=I48wb5Be 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="0f6f3b2d-a2d9-4f4d-b904-5bd205266bcc" data-responsive-image-style="inline_images" height="255" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/2019-04-16_13-00-13.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p> </p>

<p>Big sell program hit at 330ET...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfm31E6.jpg?itok=whdQNuql" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfm31E6.jpg?itok=whdQNuql"><picture><!--[if IE 9]><video style="display: none;"><![endif]--><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm31E6.jpg?itok=7Z6ZyvWx 1x" media="all and (min-width: 1280px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm31E6.jpg?itok=7Z6ZyvWx 1x" media="all and (min-width: 480px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm31E6.jpg?itok=7Z6ZyvWx 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=7Z6ZyvWx 2x" media="all and (min-width: 1024px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm31E6.jpg?itok=7Z6ZyvWx 1x" media="all and (min-width: 768px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/bfm31E6.jpg?itok=whdQNuql 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="3345d344-4672-4968-b758-49f9e7375f70" data-responsive-image-style="inline_images" height="258" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/bfm31E6.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p> </p>

<p>Semis soared to a new record high after the QCOM-AAPL settlement...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/2019-04-16_12-13-46.jpg?itok=60rfUZkR" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/2019-04-16_12-13-46.jpg?itok=60rfUZkR"><picture><!--[if IE 9]><video style="display: none;"><![endif]--><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-04-16_12-13-46.jpg?itok=4859J2dE 1x" media="all and (min-width: 1280px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-04-16_12-13-46.jpg?itok=4859J2dE 1x" media="all and (min-width: 480px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-04-16_12-13-46.jpg?itok=4859J2dE 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=4859J2dE 2x" media="all and (min-width: 1024px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-04-16_12-13-46.jpg?itok=4859J2dE 1x" media="all and (min-width: 768px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2019-04-16_12-13-46.jpg?itok=60rfUZkR 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="39c0b6bf-705b-486d-97eb-e8c57c74ce30" data-responsive-image-style="inline_images" height="255" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/2019-04-16_12-13-46.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p> </p>

<p>AAPL dipped into the red, then the machines bid it back to $200...but that did not hold and dragged the broader markets lower...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/2019-04-16_12-37-06.jpg?itok=Yi4NYL9t" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/2019-04-16_12-37-06.jpg?itok=Yi4NYL9t"><picture><!--[if IE 9]><video style="display: none;"><![endif]--><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-04-16_12-37-06.jpg?itok=tGhtH1FN 1x" media="all and (min-width: 1280px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-04-16_12-37-06.jpg?itok=tGhtH1FN 1x" media="all and (min-width: 480px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-04-16_12-37-06.jpg?itok=tGhtH1FN 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=tGhtH1FN 2x" media="all and (min-width: 1024px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-04-16_12-37-06.jpg?itok=tGhtH1FN 1x" media="all and (min-width: 768px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2019-04-16_12-37-06.jpg?itok=Yi4NYL9t 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="03aab4cb-7208-46ba-900e-cf9e9b479092" data-responsive-image-style="inline_images" height="254" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/2019-04-16_12-37-06.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p> </p>

<p>REITs were whacked - worst day of 2019 - as Tanger Factory Outlet Centers spooked investors and started to price in mall occupancy risks more fully...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfmE086.jpg?itok=DYUH6PRy" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfmE086.jpg?itok=DYUH6PRy"><picture><!--[if IE 9]><video style="display: none;"><![endif]--><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfmE086.jpg?itok=m-Ha9Pyc 1x" media="all and (min-width: 1280px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfmE086.jpg?itok=m-Ha9Pyc 1x" media="all and (min-width: 480px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfmE086.jpg?itok=m-Ha9Pyc 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=m-Ha9Pyc 2x" media="all and (min-width: 1024px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfmE086.jpg?itok=m-Ha9Pyc 1x" media="all and (min-width: 768px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/bfmE086.jpg?itok=DYUH6PRy 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="8fdd2f14-3755-468a-b831-ecdb5bb6982b" data-responsive-image-style="inline_images" height="261" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/bfmE086.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p> </p>

<p>Boeing bounced on FAA headlines...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/2019-04-16_12-18-42.jpg?itok=Ot0qWw7t" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/2019-04-16_12-18-42.jpg?itok=Ot0qWw7t"><picture><!--[if IE 9]><video style="display: none;"><![endif]--><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-04-16_12-18-42.jpg?itok=ZZfeDyov 1x" media="all and (min-width: 1280px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-04-16_12-18-42.jpg?itok=ZZfeDyov 1x" media="all and (min-width: 480px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-04-16_12-18-42.jpg?itok=ZZfeDyov 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=ZZfeDyov 2x" media="all and (min-width: 1024px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-04-16_12-18-42.jpg?itok=ZZfeDyov 1x" media="all and (min-width: 768px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2019-04-16_12-18-42.jpg?itok=Ot0qWw7t 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="294060bc-7999-4a89-bf0b-31ed236f532a" data-responsive-image-style="inline_images" height="228" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/2019-04-16_12-18-42.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p> </p>

<p>US Treasury yields rose notably once again today...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfm4046.jpg?itok=9FylwAve" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfm4046.jpg?itok=9FylwAve"><picture><!--[if IE 9]><video style="display: none;"><![endif]--><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm4046.jpg?itok=7GniGciO 1x" media="all and (min-width: 1280px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm4046.jpg?itok=7GniGciO 1x" media="all and (min-width: 480px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm4046.jpg?itok=7GniGciO 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=7GniGciO 2x" media="all and (min-width: 1024px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm4046.jpg?itok=7GniGciO 1x" media="all and (min-width: 768px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/bfm4046.jpg?itok=9FylwAve 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="d7403aff-29d7-4517-b8e2-fcb9c6d6ffea" data-responsive-image-style="inline_images" height="261" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/bfm4046.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p>As Bloomberg notes, <strong>Walmart’s $4b bond offering appeared to weigh on Treasuries after it was announced,</strong> while Wednesday’s scheduled deluge of Chinese economic data was an incentive to hedge.</p>

<p>With 30Y testing up towards 3.00% (notably decoupling from the S&P though on the day)...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfm3585.jpg?itok=1h0zD5ja" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfm3585.jpg?itok=1h0zD5ja"><picture><!--[if IE 9]><video style="display: none;"><![endif]--><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm3585.jpg?itok=NdzS9u4n 1x" media="all and (min-width: 1280px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm3585.jpg?itok=NdzS9u4n 1x" media="all and (min-width: 480px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm3585.jpg?itok=NdzS9u4n 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=NdzS9u4n 2x" media="all and (min-width: 1024px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm3585.jpg?itok=NdzS9u4n 1x" media="all and (min-width: 768px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/bfm3585.jpg?itok=1h0zD5ja 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="90937b4a-1449-4ff3-80b3-efda57ba52d4" data-responsive-image-style="inline_images" height="263" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/bfm3585.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p> </p>

<p>And while US rates have been rising, all eyes are on China's yield spike, which has driven it back to a critical level against USTs...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfmF1D7.jpg?itok=FCdYukdS" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfmF1D7.jpg?itok=FCdYukdS"><picture><!--[if IE 9]><video style="display: none;"><![endif]--><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfmF1D7.jpg?itok=HhyZnbJk 1x" media="all and (min-width: 1280px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfmF1D7.jpg?itok=HhyZnbJk 1x" media="all and (min-width: 480px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfmF1D7.jpg?itok=HhyZnbJk 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=HhyZnbJk 2x" media="all and (min-width: 1024px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfmF1D7.jpg?itok=HhyZnbJk 1x" media="all and (min-width: 768px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/bfmF1D7.jpg?itok=FCdYukdS 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="188547ba-584e-4db0-b625-a28858b0dc9e" data-responsive-image-style="inline_images" height="261" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/bfmF1D7.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p> </p>

<p>China rates are up 9 of the last 11 days - rising 33bps - the biggest such spike since Nov 2016 (Trump election) and Nov 2013 (the yield peak for the recent cycle)</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfm8853.jpg?itok=wcI9OIGC" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfm8853.jpg?itok=wcI9OIGC"><picture><!--[if IE 9]><video style="display: none;"><![endif]--><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm8853.jpg?itok=QDshuaZb 1x" media="all and (min-width: 1280px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm8853.jpg?itok=QDshuaZb 1x" media="all and (min-width: 480px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm8853.jpg?itok=QDshuaZb 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=QDshuaZb 2x" media="all and (min-width: 1024px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm8853.jpg?itok=QDshuaZb 1x" media="all and (min-width: 768px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/bfm8853.jpg?itok=wcI9OIGC 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="1b9f947b-5ec9-4145-ae12-aa99fea25304" data-responsive-image-style="inline_images" height="251" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/bfm8853.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p> </p>

<p>The Dollar Index rallied for a 2nd day but stalled at recent resistance...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfm39BB.jpg?itok=geCAScKu" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfm39BB.jpg?itok=geCAScKu"><picture><!--[if IE 9]><video style="display: none;"><![endif]--><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm39BB.jpg?itok=1Hz7rFFP 1x" media="all and (min-width: 1280px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm39BB.jpg?itok=1Hz7rFFP 1x" media="all and (min-width: 480px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm39BB.jpg?itok=1Hz7rFFP 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=1Hz7rFFP 2x" media="all and (min-width: 1024px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm39BB.jpg?itok=1Hz7rFFP 1x" media="all and (min-width: 768px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/bfm39BB.jpg?itok=geCAScKu 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="6d2c7c28-93e2-4e83-9a79-d9a700f1969b" data-responsive-image-style="inline_images" height="262" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/bfm39BB.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p> </p>

<p>Cryptos managed small gains on the day led by Litecoin and Ethereum, but Bitcoin Cash remains the week's winner for now...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfmB0B9.jpg?itok=ekhhlcia" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfmB0B9.jpg?itok=ekhhlcia"><picture><!--[if IE 9]><video style="display: none;"><![endif]--><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfmB0B9.jpg?itok=kZV65YhU 1x" media="all and (min-width: 1280px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfmB0B9.jpg?itok=kZV65YhU 1x" media="all and (min-width: 480px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfmB0B9.jpg?itok=kZV65YhU 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=kZV65YhU 2x" media="all and (min-width: 1024px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfmB0B9.jpg?itok=kZV65YhU 1x" media="all and (min-width: 768px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/bfmB0B9.jpg?itok=ekhhlcia 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="87eee06e-52a8-423e-8625-936432bd1fd7" data-responsive-image-style="inline_images" height="261" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/bfmB0B9.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p> </p>

<p>WTI and silver managed gains on the day as copper was flat as gold sank...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfmD018.jpg?itok=xWXXEZo4" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfmD018.jpg?itok=xWXXEZo4"><picture><!--[if IE 9]><video style="display: none;"><![endif]--><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfmD018.jpg?itok=y0PEVULU 1x" media="all and (min-width: 1280px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfmD018.jpg?itok=y0PEVULU 1x" media="all and (min-width: 480px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfmD018.jpg?itok=y0PEVULU 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=y0PEVULU 2x" media="all and (min-width: 1024px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfmD018.jpg?itok=y0PEVULU 1x" media="all and (min-width: 768px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/bfmD018.jpg?itok=xWXXEZo4 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="c525aba5-0dc0-4b1e-a5a4-c9937c5679ed" data-responsive-image-style="inline_images" height="261" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/bfmD018.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p> </p>

<p>Gold was clubbed like a baby seal into the London Fix (once again)...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/2019-04-16_12-38-42.jpg?itok=VLkyNqtL" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/2019-04-16_12-38-42.jpg?itok=VLkyNqtL"><picture><!--[if IE 9]><video style="display: none;"><![endif]--><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-04-16_12-38-42.jpg?itok=lEyuV8AC 1x" media="all and (min-width: 1280px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-04-16_12-38-42.jpg?itok=lEyuV8AC 1x" media="all and (min-width: 480px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-04-16_12-38-42.jpg?itok=lEyuV8AC 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=lEyuV8AC 2x" media="all and (min-width: 1024px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/2019-04-16_12-38-42.jpg?itok=lEyuV8AC 1x" media="all and (min-width: 768px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/2019-04-16_12-38-42.jpg?itok=VLkyNqtL 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="ae8b353e-e63f-4414-a18f-5c2be6900344" data-responsive-image-style="inline_images" height="255" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/2019-04-16_12-38-42.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p> </p>

<p>Decent shift lower in Gold/Silver (Silver outperforming Gold)...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfm4043.jpg?itok=dEJRpK59" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfm4043.jpg?itok=dEJRpK59"><picture><!--[if IE 9]><video style="display: none;"><![endif]--><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm4043.jpg?itok=xtTu4s6b 1x" media="all and (min-width: 1280px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm4043.jpg?itok=xtTu4s6b 1x" media="all and (min-width: 480px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm4043.jpg?itok=xtTu4s6b 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=xtTu4s6b 2x" media="all and (min-width: 1024px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm4043.jpg?itok=xtTu4s6b 1x" media="all and (min-width: 768px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/bfm4043.jpg?itok=dEJRpK59 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="4fbd3079-671e-4498-a611-61c801425186" data-responsive-image-style="inline_images" height="258" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/bfm4043.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p> </p>

<p>Finally, while we started with a smorgasbord of more macro charts, we leave you with the biggest of big pictures...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfm5F58.jpg?itok=AHJA88Nc" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfm5F58.jpg?itok=AHJA88Nc"><picture><!--[if IE 9]><video style="display: none;"><![endif]--><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm5F58.jpg?itok=CjcKblM7 1x" media="all and (min-width: 1280px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm5F58.jpg?itok=CjcKblM7 1x" media="all and (min-width: 480px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm5F58.jpg?itok=CjcKblM7 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=CjcKblM7 2x" media="all and (min-width: 1024px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_desktop/public/inline-images/bfm5F58.jpg?itok=CjcKblM7 1x" media="all and (min-width: 768px)" type="image/jpeg"></source><source srcset="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/inline_image_mobile/public/inline-images/bfm5F58.jpg?itok=AHJA88Nc 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="da6ac77d-d9ba-405a-b27b-3f237492543f" data-responsive-image-style="inline_images" height="262" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/bfm5F58.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p><strong>Winter is coming.</strong></p><img src="http://feeds.feedburner.com/~r/zerohedge/feed/~4/xDpeE6LYxzc" height="1" width="1" alt=""/>


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