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Brexit-Bounce Fades As Short-Interest-Slump Signals Crash Concerns
10-17-2019, 04:20 PM,
#1
Brexit-Bounce Fades As Short-Interest-Slump Signals Crash Concerns
Brexit-Bounce Fades As Short-Interest-Slump Signals Crash Concerns

<span property="schema:name" class="field field--name-title field--type-string field--label-hidden">Brexit-Bounce Fades As Short-Interest-Slump Signals Crash Concerns</span>

<div property="schema:text" class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p><u><strong>Surprise!!</strong></u> After <a href="https://www.zerohedge.com/economics/why-us-decoupling-miracle-ends-72-hours"><strong>Q3's "use it or lose it" spending spree</strong></a> sent US macro data soaring unilaterally, October has begun with a collapse...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfmBD6.jpg?itok=6QivxusZ" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfmBD6.jpg?itok=6QivxusZ"><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/bfmBD6.jpg?itok=6pEHIJ5E 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/bfmBD6.jpg?itok=6pEHIJ5E 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/bfmBD6.jpg?itok=6pEHIJ5E 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=6pEHIJ5E 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/bfmBD6.jpg?itok=6pEHIJ5E 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/bfmBD6.jpg?itok=6QivxusZ 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="59ad79ad-f2b3-4273-a2ea-9eb00d008f7a" data-responsive-image-style="inline_images" height="259" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/bfmBD6.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p><em>Source: Bloomberg</em></p>

<p><strong>A trade deal (or not)? Brexit deal (or not)? Turkey peace deal (or not)?</strong> But retail sales slump, industrial production tumbles, housing starts/permits plunge...</p>

<p><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/m4BXikJi7c8" width="560"></iframe></p>

<p>Chinese stocks were flat overnight, with small-cap/tech-heavy ChiNext the biggest loser on the week so far...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfmEEEC.jpg?itok=UQSUe0dr" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfmEEEC.jpg?itok=UQSUe0dr"><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/bfmEEEC.jpg?itok=pHNelq9F 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/bfmEEEC.jpg?itok=pHNelq9F 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/bfmEEEC.jpg?itok=pHNelq9F 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=pHNelq9F 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/bfmEEEC.jpg?itok=pHNelq9F 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/bfmEEEC.jpg?itok=UQSUe0dr 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="a91cfbbb-4b57-4073-ac37-eadf7b17d021" 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/bfmEEEC.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p><em>Source: Bloomberg</em></p>

<p>European stocks ended lower, despite a surge on Brexit hopes...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfmB867.jpg?itok=OlM8qEMu" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfmB867.jpg?itok=OlM8qEMu"><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/bfmB867.jpg?itok=v8an_GLM 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/bfmB867.jpg?itok=v8an_GLM 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/bfmB867.jpg?itok=v8an_GLM 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=v8an_GLM 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/bfmB867.jpg?itok=v8an_GLM 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/bfmB867.jpg?itok=OlM8qEMu 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="76cc70c2-93bf-4eab-b08e-8af71e8402b2" 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/bfmB867.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p><em>Source: Bloomberg</em></p>

<p>US equities were mixed with Trannies and Small Caps best (squeezed) while S&P, Dow, and Nasdaq were all scrambling to hold gains...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/2019-10-17_13-00-03.jpg?itok=wMXD5Au4" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/2019-10-17_13-00-03.jpg?itok=wMXD5Au4"><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/2019-10-17_13-00-03.jpg?itok=n6glGPyf 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/2019-10-17_13-00-03.jpg?itok=n6glGPyf 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/2019-10-17_13-00-03.jpg?itok=n6glGPyf 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=n6glGPyf 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/2019-10-17_13-00-03.jpg?itok=n6glGPyf 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/2019-10-17_13-00-03.jpg?itok=wMXD5Au4 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="a9d19464-9acb-4c03-bff7-7e1dee38a804" data-responsive-image-style="inline_images" height="332" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/2019-10-17_13-00-03.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p> </p>

<p>Once again S&P 500 algos were focused on the 3,000 level...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/2019-10-17_12-57-36.jpg?itok=yZ1JIZch" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/2019-10-17_12-57-36.jpg?itok=yZ1JIZch"><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/2019-10-17_12-57-36.jpg?itok=xZ2ap2pG 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/2019-10-17_12-57-36.jpg?itok=xZ2ap2pG 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/2019-10-17_12-57-36.jpg?itok=xZ2ap2pG 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=xZ2ap2pG 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/2019-10-17_12-57-36.jpg?itok=xZ2ap2pG 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/2019-10-17_12-57-36.jpg?itok=yZ1JIZch 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="f60aaa75-6b6d-4834-bc07-409d18e329cf" data-responsive-image-style="inline_images" height="332" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/2019-10-17_12-57-36.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p> </p>

<p>Chaos in NFLX stock price...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/2019-10-17_12-03-53.jpg?itok=QWQJvTKb" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/2019-10-17_12-03-53.jpg?itok=QWQJvTKb"><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/2019-10-17_12-03-53.jpg?itok=rS7EJ7El 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/2019-10-17_12-03-53.jpg?itok=rS7EJ7El 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/2019-10-17_12-03-53.jpg?itok=rS7EJ7El 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=rS7EJ7El 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/2019-10-17_12-03-53.jpg?itok=rS7EJ7El 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/2019-10-17_12-03-53.jpg?itok=QWQJvTKb 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="78c573bc-34e8-4841-80a9-e8169ce20b0b" data-responsive-image-style="inline_images" height="297" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/2019-10-17_12-03-53.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p> </p>

<p>SDC shareholders aren't smiling now...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/2019-10-17_12-02-08.jpg?itok=GbyQ7r-B" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/2019-10-17_12-02-08.jpg?itok=GbyQ7r-B"><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/2019-10-17_12-02-08.jpg?itok=Ca7eSLvX 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/2019-10-17_12-02-08.jpg?itok=Ca7eSLvX 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/2019-10-17_12-02-08.jpg?itok=Ca7eSLvX 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=Ca7eSLvX 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/2019-10-17_12-02-08.jpg?itok=Ca7eSLvX 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/2019-10-17_12-02-08.jpg?itok=GbyQ7r-B 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="66247417-38f6-42ce-a2ab-6089630cfbd7" data-responsive-image-style="inline_images" height="297" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/2019-10-17_12-02-08.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p>The VIX term structure has steepened dramatically in the last week...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfmCF63.jpg?itok=-aplQ8NP" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfmCF63.jpg?itok=-aplQ8NP"><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/bfmCF63.jpg?itok=qtIxmucA 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/bfmCF63.jpg?itok=qtIxmucA 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/bfmCF63.jpg?itok=qtIxmucA 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=qtIxmucA 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/bfmCF63.jpg?itok=qtIxmucA 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/bfmCF63.jpg?itok=-aplQ8NP 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="447d7adf-235c-4221-80b5-decde107f759" data-responsive-image-style="inline_images" height="273" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/bfmCF63.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p><em>Source: Bloomberg</em></p>

<p>Now at its steepest since Feb 2018...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfm284E.jpg?itok=-TAy6hyI" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfm284E.jpg?itok=-TAy6hyI"><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/bfm284E.jpg?itok=8sqQpNJC 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/bfm284E.jpg?itok=8sqQpNJC 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/bfm284E.jpg?itok=8sqQpNJC 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=8sqQpNJC 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/bfm284E.jpg?itok=8sqQpNJC 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/bfm284E.jpg?itok=-TAy6hyI 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="e60d9e9d-f93a-4d7d-b666-7f37d7ca70ac" 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/bfm284E.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p><em>Source: Bloomberg</em></p>

<p>Treasury yields were uniformly higher by around 1bps on the day...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfm8972.jpg?itok=T3LzkeYi" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfm8972.jpg?itok=T3LzkeYi"><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/bfm8972.jpg?itok=VO1JI_9o 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/bfm8972.jpg?itok=VO1JI_9o 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/bfm8972.jpg?itok=VO1JI_9o 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=VO1JI_9o 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/bfm8972.jpg?itok=VO1JI_9o 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/bfm8972.jpg?itok=T3LzkeYi 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="7c9e79a8-8a90-468e-b654-2eeadcc9daf7" 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/bfm8972.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p><em>Source: Bloomberg</em></p>

<p>But there was some vol intraday...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfmDC09.jpg?itok=Y9Y8orun" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfmDC09.jpg?itok=Y9Y8orun"><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/bfmDC09.jpg?itok=0U03dtu8 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/bfmDC09.jpg?itok=0U03dtu8 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/bfmDC09.jpg?itok=0U03dtu8 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=0U03dtu8 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/bfmDC09.jpg?itok=0U03dtu8 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/bfmDC09.jpg?itok=Y9Y8orun 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="fc571112-d615-4f5b-be53-00e1708d14bd" 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/bfmDC09.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p><em>Source: Bloomberg</em></p>

<p>Despite a lot of jawboning (and stocks within 1% of record highs), the market is still demanding a rate-cut in October...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfm9DEE.jpg?itok=l1z0saVc" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfm9DEE.jpg?itok=l1z0saVc"><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/bfm9DEE.jpg?itok=zL1Wu5Zy 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/bfm9DEE.jpg?itok=zL1Wu5Zy 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/bfm9DEE.jpg?itok=zL1Wu5Zy 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=zL1Wu5Zy 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/bfm9DEE.jpg?itok=zL1Wu5Zy 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/bfm9DEE.jpg?itok=l1z0saVc 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="a05ce635-efd9-494a-9e38-d0db3fc348e5" data-responsive-image-style="inline_images" height="208" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/bfm9DEE.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p><em>Source: Bloomberg</em></p>

<p>The Dollar tumbled for the 3rd straight day (down 6 of last 7 days)...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfm4067.jpg?itok=L5POn7WW" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfm4067.jpg?itok=L5POn7WW"><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/bfm4067.jpg?itok=Mwy83KMn 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/bfm4067.jpg?itok=Mwy83KMn 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/bfm4067.jpg?itok=Mwy83KMn 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=Mwy83KMn 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/bfm4067.jpg?itok=Mwy83KMn 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/bfm4067.jpg?itok=L5POn7WW 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="20d2c37a-ecb6-4aa5-bba4-1b018d0393a1" 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/bfm4067.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p><em>Source: Bloomberg</em></p>

<p>Almost entirely erasing the year-to-date gains...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfmEF6C.jpg?itok=7td8n90x" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfmEF6C.jpg?itok=7td8n90x"><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/bfmEF6C.jpg?itok=Juk4LG3f 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/bfmEF6C.jpg?itok=Juk4LG3f 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/bfmEF6C.jpg?itok=Juk4LG3f 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=Juk4LG3f 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/bfmEF6C.jpg?itok=Juk4LG3f 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/bfmEF6C.jpg?itok=7td8n90x 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="d4818b91-2b15-43bb-bd70-d042f9718f29" 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/bfmEF6C.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p><em>Source: Bloomberg</em></p>

<p>Cable chopped around all day on various Brexit headlines but ended higher...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfm9C3.jpg?itok=k70ZnzVI" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfm9C3.jpg?itok=k70ZnzVI"><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/bfm9C3.jpg?itok=WnKSaNm_ 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/bfm9C3.jpg?itok=WnKSaNm_ 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/bfm9C3.jpg?itok=WnKSaNm_ 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=WnKSaNm_ 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/bfm9C3.jpg?itok=WnKSaNm_ 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/bfm9C3.jpg?itok=k70ZnzVI 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="326d9df5-842a-4a9b-bedf-93ef8e6bd2ac" data-responsive-image-style="inline_images" height="259" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/bfm9C3.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p><em>Source: Bloomberg</em></p>

<p>The Turkish Lira was insanely volatile (stops run both ways) as Pence-Erdogan spoke and agreed a ceasefire...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfm90C8.jpg?itok=NhznmD5D" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfm90C8.jpg?itok=NhznmD5D"><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/bfm90C8.jpg?itok=sf8QeRdf 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/bfm90C8.jpg?itok=sf8QeRdf 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/bfm90C8.jpg?itok=sf8QeRdf 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=sf8QeRdf 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/bfm90C8.jpg?itok=sf8QeRdf 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/bfm90C8.jpg?itok=NhznmD5D 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="4405417b-b38c-450a-966f-c5662fb3b330" 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/bfm90C8.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p><em>Source: Bloomberg</em></p>

<p>Cryptos were higher on the day, spiking early in European session...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfm2FCA.jpg?itok=0VG6rsc5" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfm2FCA.jpg?itok=0VG6rsc5"><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/bfm2FCA.jpg?itok=zDtEkbSi 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/bfm2FCA.jpg?itok=zDtEkbSi 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/bfm2FCA.jpg?itok=zDtEkbSi 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=zDtEkbSi 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/bfm2FCA.jpg?itok=zDtEkbSi 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/bfm2FCA.jpg?itok=0VG6rsc5 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="19bd28a9-bf61-431c-8946-54063413ebd5" data-responsive-image-style="inline_images" height="259" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/bfm2FCA.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p><em>Source: Bloomberg</em></p>

<p>Bitcoin rallied back above $8,000...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfm18.jpg?itok=OslB5YfY" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfm18.jpg?itok=OslB5YfY"><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/bfm18.jpg?itok=w5_b0BP8 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/bfm18.jpg?itok=w5_b0BP8 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/bfm18.jpg?itok=w5_b0BP8 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=w5_b0BP8 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/bfm18.jpg?itok=w5_b0BP8 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/bfm18.jpg?itok=OslB5YfY 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="fc7ad0b8-d3e9-4d4e-90f2-a0c5dab3aea3" 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/bfm18.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p><em>Source: Bloomberg</em></p>

<p>Dollar weakness supported commodities across the board with Silver and Crude best on the day (but only PMs are higher on the week)...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfmAC2A.jpg?itok=J_6VQYpu" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfmAC2A.jpg?itok=J_6VQYpu"><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/bfmAC2A.jpg?itok=zmROPBzc 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/bfmAC2A.jpg?itok=zmROPBzc 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/bfmAC2A.jpg?itok=zmROPBzc 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=zmROPBzc 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/bfmAC2A.jpg?itok=zmROPBzc 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/bfmAC2A.jpg?itok=J_6VQYpu 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="94d6aeb9-a052-4ca7-9670-df5ae9d21b6c" 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/bfmAC2A.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p><em>Source: Bloomberg</em></p>

<p>Despite a huge crude build and record production, the algos decided it was time to panic-bid WTI up to a $54 handle...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/2019-10-17_12-12-11.jpg?itok=Iw88nuzv" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/2019-10-17_12-12-11.jpg?itok=Iw88nuzv"><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/2019-10-17_12-12-11.jpg?itok=IYq4Ro9F 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/2019-10-17_12-12-11.jpg?itok=IYq4Ro9F 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/2019-10-17_12-12-11.jpg?itok=IYq4Ro9F 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=IYq4Ro9F 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/2019-10-17_12-12-11.jpg?itok=IYq4Ro9F 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/2019-10-17_12-12-11.jpg?itok=Iw88nuzv 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="0b8973bf-4c61-40c0-b5dd-16f31f60497f" 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/2019-10-17_12-12-11.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p>Gold futures tagged $1500 but were unable to hold it...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/2019-10-17_12-15-29.jpg?itok=3sYepeTO" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/2019-10-17_12-15-29.jpg?itok=3sYepeTO"><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/2019-10-17_12-15-29.jpg?itok=cLyK5C6_ 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/2019-10-17_12-15-29.jpg?itok=cLyK5C6_ 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/2019-10-17_12-15-29.jpg?itok=cLyK5C6_ 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=cLyK5C6_ 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/2019-10-17_12-15-29.jpg?itok=cLyK5C6_ 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/2019-10-17_12-15-29.jpg?itok=3sYepeTO 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="35a03f88-02aa-4688-b460-ff341462bd91" data-responsive-image-style="inline_images" height="334" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/2019-10-17_12-15-29.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p> </p>

<p>And finally, the most recent surge in stocks since the start of October has been a major short-squeeze...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfm53A0.jpg?itok=mrW_-52x" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfm53A0.jpg?itok=mrW_-52x"><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/bfm53A0.jpg?itok=DgCkPYKZ 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/bfm53A0.jpg?itok=DgCkPYKZ 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/bfm53A0.jpg?itok=DgCkPYKZ 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=DgCkPYKZ 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/bfm53A0.jpg?itok=DgCkPYKZ 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/bfm53A0.jpg?itok=mrW_-52x 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="08c4cffb-9eac-43ba-8260-8d4181b3b3d1" data-responsive-image-style="inline_images" height="259" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/bfm53A0.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p><em>Source: Bloomberg</em></p>

<p>Which has<strong> plummeted overall short-interest to a critical level that has, in the past, led to crashes in stocks</strong>...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/2019-10-17_9-38-46.jpg?itok=PWdcgeKL" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/2019-10-17_9-38-46.jpg?itok=PWdcgeKL"><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/2019-10-17_9-38-46.jpg?itok=uUlKWYSi 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/2019-10-17_9-38-46.jpg?itok=uUlKWYSi 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/2019-10-17_9-38-46.jpg?itok=uUlKWYSi 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=uUlKWYSi 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/2019-10-17_9-38-46.jpg?itok=uUlKWYSi 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/2019-10-17_9-38-46.jpg?itok=PWdcgeKL 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="b92497b6-05d0-4d51-b10c-8d0d8b4f7e04" data-responsive-image-style="inline_images" height="242" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/2019-10-17_9-38-46.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p><em>Source: Bloomberg</em></p>
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<a href="https://www.zerohedge.com/users/tyler-durden">Tyler Durden</a>
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<span property="schema:dateCreated" content="2019-10-17T20:00:48+00:00" class="field field--name-created field--type-created field--label-hidden">Thu, 10/17/2019 - 16:00</span>

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