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Stocks Panic-Bid, Bonds Dumped After WHO Doublespeak Over "Global Pandemic"
01-30-2020, 05:40 PM,
#1
Stocks Panic-Bid, Bonds Dumped After WHO Doublespeak Over "Global Pandemic"
Stocks Panic-Bid, Bonds Dumped After WHO Doublespeak Over "Global Pandemic"

<span property="schema:name" class="field field--name-title field--type-string field--label-hidden">Stocks Panic-Bid, Bonds Dumped After WHO Doublespeak Over "Global Pandemic"</span>

<div property="schema:text" class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><p>Deaths surge, Cases spike, Human-to-human transmission in US, WHO says "global pandemic", and the death count is rising faster than SARS...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/2020-01-30_12-09-02.jpg?itok=7qrFQu5C" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/2020-01-30_12-09-02.jpg?itok=7qrFQu5C"><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/2020-01-30_12-09-02.jpg?itok=A0EG0zlJ 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/2020-01-30_12-09-02.jpg?itok=A0EG0zlJ 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/2020-01-30_12-09-02.jpg?itok=A0EG0zlJ 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=A0EG0zlJ 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/2020-01-30_12-09-02.jpg?itok=A0EG0zlJ 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/2020-01-30_12-09-02.jpg?itok=7qrFQu5C 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="f17ca961-f0f4-4b50-9efc-a819814f5828" data-responsive-image-style="inline_images" height="416" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/2020-01-30_12-09-02.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p>and the machines desperately keep trying to ignite momentum. in the immortal words of one veteran trader looking on as the so-called market exploded back to unchanged after WHO did what everyone had feared and declared this a GLOBAL PANDEMIC:<em><strong> "this entire market is a f**king joke!"</strong></em></p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/2020-01-30_13-00-04.jpg?itok=lKqhf8As" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/2020-01-30_13-00-04.jpg?itok=lKqhf8As"><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/2020-01-30_13-00-04.jpg?itok=zisyUto5 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/2020-01-30_13-00-04.jpg?itok=zisyUto5 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/2020-01-30_13-00-04.jpg?itok=zisyUto5 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=zisyUto5 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/2020-01-30_13-00-04.jpg?itok=zisyUto5 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/2020-01-30_13-00-04.jpg?itok=lKqhf8As 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="0bb642cd-0e81-45b9-883c-bbdfb93be172" 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/2020-01-30_13-00-04.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p>The message from the rest of the world...</p>

<p><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/YhkNLHictW8" width="560"></iframe></p>

<p>China continue to be closed, but A50 futures tumbled back to recent lows today - lowest close since June...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfm9DFE.jpg?itok=9p-d9wdY" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfm9DFE.jpg?itok=9p-d9wdY"><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/bfm9DFE.jpg?itok=HCW8TM9E 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/bfm9DFE.jpg?itok=HCW8TM9E 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/bfm9DFE.jpg?itok=HCW8TM9E 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=HCW8TM9E 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/bfm9DFE.jpg?itok=HCW8TM9E 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/bfm9DFE.jpg?itok=9p-d9wdY 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="f60dc17d-96a9-46c7-a175-442c38a62b28" 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/bfm9DFE.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

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

<p>European stocks all slumped today...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfm94B4.jpg?itok=N52VUuE1" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfm94B4.jpg?itok=N52VUuE1"><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/bfm94B4.jpg?itok=2p2qwqQf 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/bfm94B4.jpg?itok=2p2qwqQf 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/bfm94B4.jpg?itok=2p2qwqQf 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=2p2qwqQf 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/bfm94B4.jpg?itok=2p2qwqQf 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/bfm94B4.jpg?itok=N52VUuE1 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="700999c4-c894-49b6-85c4-5d81eb606289" 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/bfm94B4.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

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

<p>The Dow, S&P, and Nasdaq all managed to surge into positive territory - after the worst possible set of news headlines...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/2020-01-30_12-54-25.jpg?itok=J_NiPL3R" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/2020-01-30_12-54-25.jpg?itok=J_NiPL3R"><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/2020-01-30_12-54-25.jpg?itok=vREtQHly 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/2020-01-30_12-54-25.jpg?itok=vREtQHly 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/2020-01-30_12-54-25.jpg?itok=vREtQHly 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=vREtQHly 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/2020-01-30_12-54-25.jpg?itok=vREtQHly 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/2020-01-30_12-54-25.jpg?itok=J_NiPL3R 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="4281aae9-3aa3-42ae-ba57-541a81126992" data-responsive-image-style="inline_images" height="308" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/2020-01-30_12-54-25.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p>Well engineered short squeeze to keep The Dow green in 2020...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfm944A.jpg?itok=YPzwAPGN" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfm944A.jpg?itok=YPzwAPGN"><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/bfm944A.jpg?itok=HsRT9SKQ 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/bfm944A.jpg?itok=HsRT9SKQ 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/bfm944A.jpg?itok=HsRT9SKQ 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=HsRT9SKQ 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/bfm944A.jpg?itok=HsRT9SKQ 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/bfm944A.jpg?itok=YPzwAPGN 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="d8bad9d9-2c9a-4e35-9370-008c37cbc608" 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/bfm944A.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

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

<p>For some reason, cyclicals were suddenly panic-bid on the bad news...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfmE6A1_2.jpg?itok=qGnDxqyk" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfmE6A1_2.jpg?itok=qGnDxqyk"><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/bfmE6A1_2.jpg?itok=sfpSwYjU 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/bfmE6A1_2.jpg?itok=sfpSwYjU 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/bfmE6A1_2.jpg?itok=sfpSwYjU 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=sfpSwYjU 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/bfmE6A1_2.jpg?itok=sfpSwYjU 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/bfmE6A1_2.jpg?itok=qGnDxqyk 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="2568e172-d32c-49eb-8222-afbe2e4d0bd8" 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/bfmE6A1_2.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

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

<p>Trannies and Small Caps are notably in the red year-to-date and The Dow is clinging to UNCH before the WHO Doublespeak sparked a rebound...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/2020-01-30_12-39-36.jpg?itok=4znSodw0" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/2020-01-30_12-39-36.jpg?itok=4znSodw0"><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/2020-01-30_12-39-36.jpg?itok=wBc5w099 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/2020-01-30_12-39-36.jpg?itok=wBc5w099 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/2020-01-30_12-39-36.jpg?itok=wBc5w099 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=wBc5w099 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/2020-01-30_12-39-36.jpg?itok=wBc5w099 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/2020-01-30_12-39-36.jpg?itok=4znSodw0 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="5a4c1072-8b9e-4b9f-a83d-f5d0261c53c0" 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/2020-01-30_12-39-36.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p>MUST KEEP DOW GREEN YEAR TO DATE</p>

<p>TSLA went full turbo overnight as someone got a huge tap on the shoulder and puked their shorts...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/2020-01-30_10-25-17.jpg?itok=oko0i6G7" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/2020-01-30_10-25-17.jpg?itok=oko0i6G7"><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/2020-01-30_10-25-17.jpg?itok=iR_Ek-J_ 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/2020-01-30_10-25-17.jpg?itok=iR_Ek-J_ 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/2020-01-30_10-25-17.jpg?itok=iR_Ek-J_ 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=iR_Ek-J_ 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/2020-01-30_10-25-17.jpg?itok=iR_Ek-J_ 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/2020-01-30_10-25-17.jpg?itok=oko0i6G7 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="23f0b671-d392-48c0-a253-b4cbd5766270" data-responsive-image-style="inline_images" height="284" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/2020-01-30_10-25-17.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

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

<p>And reminded more than a few people of a certain DotCom stock...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfm9E12.jpg?itok=KamdpPOT" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfm9E12.jpg?itok=KamdpPOT"><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/bfm9E12.jpg?itok=c4XCOUsX 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/bfm9E12.jpg?itok=c4XCOUsX 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/bfm9E12.jpg?itok=c4XCOUsX 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=c4XCOUsX 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/bfm9E12.jpg?itok=c4XCOUsX 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/bfm9E12.jpg?itok=KamdpPOT 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="af9334ca-9ee5-43a0-b997-47336fdb77b8" 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/bfm9E12.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

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

<p>Bonds and stocks are ridiculously decoupled...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfmD36E.jpg?itok=0QYDQ_z0" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfmD36E.jpg?itok=0QYDQ_z0"><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/bfmD36E.jpg?itok=GfESORMM 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/bfmD36E.jpg?itok=GfESORMM 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/bfmD36E.jpg?itok=GfESORMM 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=GfESORMM 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/bfmD36E.jpg?itok=GfESORMM 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/bfmD36E.jpg?itok=0QYDQ_z0 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="425fc7a2-a99b-4cab-aaa9-a7180ff1344f" data-responsive-image-style="inline_images" height="278" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/bfmD36E.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

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

<p>Treasury yields extended their decline on the week before a ridiculous spike after the WHO news...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfm6608.jpg?itok=pThHib75" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfm6608.jpg?itok=pThHib75"><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/bfm6608.jpg?itok=9iucl6IC 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/bfm6608.jpg?itok=9iucl6IC 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/bfm6608.jpg?itok=9iucl6IC 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=9iucl6IC 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/bfm6608.jpg?itok=9iucl6IC 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/bfm6608.jpg?itok=pThHib75 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="c3463362-3a47-4d3f-a461-9ac02ffd3fd4" 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/bfm6608.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

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

<p>30Y tested down to a 1 handle... (and 10Y below 1.55%)</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfm9830.jpg?itok=TNDiL6l2" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfm9830.jpg?itok=TNDiL6l2"><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/bfm9830.jpg?itok=ZDDfExBG 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/bfm9830.jpg?itok=ZDDfExBG 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/bfm9830.jpg?itok=ZDDfExBG 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=ZDDfExBG 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/bfm9830.jpg?itok=ZDDfExBG 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/bfm9830.jpg?itok=TNDiL6l2 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="da72742f-2692-4b88-9a13-9019848f4466" 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/bfm9830.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

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

<p>And perhaps most notably, the yield curve has re-inverted with 3m10Y now at -3bps...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfm863F.jpg?itok=4k6FFlHO" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfm863F.jpg?itok=4k6FFlHO"><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/bfm863F.jpg?itok=PMpHTb5o 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/bfm863F.jpg?itok=PMpHTb5o 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/bfm863F.jpg?itok=PMpHTb5o 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=PMpHTb5o 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/bfm863F.jpg?itok=PMpHTb5o 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/bfm863F.jpg?itok=4k6FFlHO 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="bfe7208c-f54a-40ea-8790-fbaae92b4787" 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/bfm863F.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

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

<p>Before we leave rates-land, we also note that the market is panic-pricing in almost 2 rate-cuts now for 2020</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfm7D52_0.jpg?itok=I8SpVBAS" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfm7D52_0.jpg?itok=I8SpVBAS"><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/bfm7D52_0.jpg?itok=XGGeRbkx 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/bfm7D52_0.jpg?itok=XGGeRbkx 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/bfm7D52_0.jpg?itok=XGGeRbkx 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=XGGeRbkx 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/bfm7D52_0.jpg?itok=XGGeRbkx 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/bfm7D52_0.jpg?itok=I8SpVBAS 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="e27d5e3f-c827-43f1-b634-31a03d0bd95d" 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/bfm7D52_0.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

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

<p>The dollar trod water for a =4th day, roundtripping overnight strength with selling in the EU/US day...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfm101C_0.jpg?itok=J65QV_V2" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfm101C_0.jpg?itok=J65QV_V2"><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/bfm101C_0.jpg?itok=WbYY3mV3 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/bfm101C_0.jpg?itok=WbYY3mV3 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/bfm101C_0.jpg?itok=WbYY3mV3 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=WbYY3mV3 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/bfm101C_0.jpg?itok=WbYY3mV3 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/bfm101C_0.jpg?itok=J65QV_V2 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="e0c73ac3-afef-43a8-b52d-26a7e2b4a64a" 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/bfm101C_0.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

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

<p>Yuan ended weaker but no thanks to panic-bid after WHO...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfmDA7A.jpg?itok=85UgMlsw" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfmDA7A.jpg?itok=85UgMlsw"><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/bfmDA7A.jpg?itok=YB8YiOgZ 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/bfmDA7A.jpg?itok=YB8YiOgZ 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/bfmDA7A.jpg?itok=YB8YiOgZ 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=YB8YiOgZ 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/bfmDA7A.jpg?itok=YB8YiOgZ 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/bfmDA7A.jpg?itok=85UgMlsw 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="efb96d1c-62a0-4e6e-9d61-4e1fe1358343" 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/bfmDA7A.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

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

<p>Cryptos continued to rise today in a very uniform manner...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfm47AA_0.jpg?itok=nSaaJ66m" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfm47AA_0.jpg?itok=nSaaJ66m"><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/bfm47AA_0.jpg?itok=eBFKtlxK 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/bfm47AA_0.jpg?itok=eBFKtlxK 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/bfm47AA_0.jpg?itok=eBFKtlxK 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=eBFKtlxK 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/bfm47AA_0.jpg?itok=eBFKtlxK 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/bfm47AA_0.jpg?itok=nSaaJ66m 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="1d159301-22c3-45ef-b83e-40c2ee8fcfcc" 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/bfm47AA_0.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

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

<p>Commodities chopped around like everything else...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfmA69D.jpg?itok=tMjVCwN4" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfmA69D.jpg?itok=tMjVCwN4"><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/bfmA69D.jpg?itok=w6yimrAY 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/bfmA69D.jpg?itok=w6yimrAY 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/bfmA69D.jpg?itok=w6yimrAY 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=w6yimrAY 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/bfmA69D.jpg?itok=w6yimrAY 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/bfmA69D.jpg?itok=tMjVCwN4 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="720680f9-df9c-43f8-a342-239f7115a001" 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/bfmA69D.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

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

<p>Copper futures fell for a record 11th day in a row today...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/2020-01-30_10-00-56.jpg?itok=7A6BtArp" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/2020-01-30_10-00-56.jpg?itok=7A6BtArp"><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/2020-01-30_10-00-56.jpg?itok=A5rSVdLB 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/2020-01-30_10-00-56.jpg?itok=A5rSVdLB 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/2020-01-30_10-00-56.jpg?itok=A5rSVdLB 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=A5rSVdLB 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/2020-01-30_10-00-56.jpg?itok=A5rSVdLB 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/2020-01-30_10-00-56.jpg?itok=7A6BtArp 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="8f6d057d-e7af-421d-8534-3f924738f4ac" data-responsive-image-style="inline_images" height="305" width="500" src="https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/2020-01-30_10-00-56.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p>As Bloomberg noted, <strong>copper's slump may be an indication that we’re due for a bigger pullback in the U.S stock market.</strong> The metal, which is viewed as an indicator of Chinese economic health, has fallen for 11 straight sessions. It’s now at its<strong> lowest level since September,</strong> when trade tensions with China dominated headlines and the S&P 500 slid more than 3% in three weeks.</p>

<p><strong>Now, it’s the coronavirus that’s prompting concerns about the Chinese economy. </strong>With the country hitting pause on production, construction, and other economic activity, industrial demand concerns are pushing copper lower. <strong>And since American and Chinese manufacturing are highly correlated, this slowdown could translate over to U.S. equities.</strong></p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfmBB71.jpg?itok=tJfRfphY" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfmBB71.jpg?itok=tJfRfphY"><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/bfmBB71.jpg?itok=p7862TzH 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/bfmBB71.jpg?itok=p7862TzH 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/bfmBB71.jpg?itok=p7862TzH 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=p7862TzH 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/bfmBB71.jpg?itok=p7862TzH 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/bfmBB71.jpg?itok=tJfRfphY 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="bcc21d30-8c1f-4a83-8cd7-677fa8879e7f" 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/bfmBB71.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

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

<p>WTI traded down to a $51 handle to a critical support level...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfm78D9.jpg?itok=8kaIzGZ5" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfm78D9.jpg?itok=8kaIzGZ5"><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/bfm78D9.jpg?itok=2yb1TJwD 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/bfm78D9.jpg?itok=2yb1TJwD 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/bfm78D9.jpg?itok=2yb1TJwD 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=2yb1TJwD 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/bfm78D9.jpg?itok=2yb1TJwD 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/bfm78D9.jpg?itok=8kaIzGZ5 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="0059b2f9-7b29-4051-9828-8025fdc8e6a1" 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/bfm78D9.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

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

<p>But then again - traders panic-bid oil too...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/2020-01-30_12-48-00.jpg?itok=_ja-gNJM" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/2020-01-30_12-48-00.jpg?itok=_ja-gNJM"><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/2020-01-30_12-48-00.jpg?itok=jJqAG5o0 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/2020-01-30_12-48-00.jpg?itok=jJqAG5o0 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/2020-01-30_12-48-00.jpg?itok=jJqAG5o0 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=jJqAG5o0 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/2020-01-30_12-48-00.jpg?itok=jJqAG5o0 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/2020-01-30_12-48-00.jpg?itok=_ja-gNJM 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="80c18b13-6be0-49fd-ba12-b878640974c1" 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/2020-01-30_12-48-00.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

<p>Finally, some have wondered if the surge in Bernie Sanders has also weighed on stock market sentiment...</p>

<p><a data-image-external-href="" data-image-href="/s3/files/inline-images/bfm12CD.jpg?itok=h6m2IR2O" data-link-option="0" href="https://www.zerohedge.com/s3/files/inline-images/bfm12CD.jpg?itok=h6m2IR2O"><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/bfm12CD.jpg?itok=DTw93EsA 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/bfm12CD.jpg?itok=DTw93EsA 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/bfm12CD.jpg?itok=DTw93EsA 1x, https://zh-prod-1cc738ca-7d3b-4a72-b792-...k=DTw93EsA 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/bfm12CD.jpg?itok=DTw93EsA 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/bfm12CD.jpg?itok=h6m2IR2O 1x" type="image/jpeg"></source><!--[if IE 9]></video><![endif]--><img data-entity-type="file" data-entity-uuid="c5a94fe5-c31a-45a6-91e2-5b8505e5b88b" 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/bfm12CD.jpg" alt="" typeof="foaf:Image" /></picture></a></p>

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

<p>And we'll let Guggenheim's Scott Minerd have the last word...</p>

<blockquote class="twitter-tweet">
<p dir="ltr" lang="en" xml:lang="en" xml:lang="en">There is no doubt that we are in the “everything bubble.” Pick your asset class and prices are up. But the heavily indebted corporate sector is vulnerable if the <a href="https://twitter.com/hashtag/economy?src=hash&ref_src=twsrc%5Etfw">#economy</a> begins to slow.</p>
— Scott Minerd (@ScottMinerd) <a href="https://twitter.com/ScottMinerd/status/1222628594016571393?ref_src=twsrc%5Etfw">January 29, 2020</a></blockquote>
<script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script><p>Deutsche Bank prophetically write this a month ago, reflecting on the market's ability to entirtely ignore potentially terrible news in the short-term...</p>

<blockquote>
<p>"When extreme events begin to saturate the info-sphere on daily basis (sometimes even intraday), reality unfolds too fast – <strong>we no longer remember (or don’t care about) the headlines from two or three weeks ago. Our perspective and assessment of the horizon (“cognitive eyeballing”) is distorted</strong>. We are blinkered by intensity of information we have to process – overwhelmed by both its quantity and speed of its arrival – and no longer seem to be unable to properly assess the risks ahead of us, and have become insensitive to them. <strong>The distorted perspective downplays the risk of “hitting the ground”.</strong> The informational intensity transcends our capacity for statistical approximation and this rarefication of control affects the temporal regime of our decision making. As a consequence, our horizons flatten and <strong>everything that resides beyond immediate future is bundled as “long-term” -- we appear to be indifferent to its temporal distance -- it is all equally remote and equally out of grasp </strong>and we capitulate on our efforts to forecast beyond short term horizons."</p>
</blockquote>

<p>It seems given the BTFD efforts in the last week in the face of increasingly scary data on the Wuhan virus, that DB nailed it. And now we are in the "longer-term" and reality is inescapable... even if we still believe The Fed can save us all from every- and any-thing.</p>

<blockquote>
<p><em><strong>"Fed has transformed from uninvolved player to an active convexity manager and its major supplier."</strong></em></p>
</blockquote>
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<span rel="schema:author" class="field field--name-uid field--type-entity-reference field--label-hidden">
<a href="https://www.zerohedge.com/users/tyler-durden">Tyler Durden</a>
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<span property="schema:dateCreated" content="2020-01-30T21:01:46+00:00" class="field field--name-created field--type-created field--label-hidden">Thu, 01/30/2020 - 16:01</span>

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