Terrible housing data for the second day in a row, debt ceiling fears surging in bill markets, chaos in the energy complex as Hurricane Harvey nears landfall, more McConnell-Trump turmoil… and while stocks were lower, only Trannies really dropped… The market said…

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Debt Ceiling Default Doubts continue to surge…

Trannies were worst again but Small Caps managed gains…

Futures show what an odd day it was – algos lifted equity futures bit by bit overnight into the cash open and then stocks were dumped… and then when Europe closed, buying resumed…

Trannies also remain the only major index lower on the week…

Trannies closed in the red for 2017…

After Europe closed, S&P and VIX traded in a very narrow range…

S&P remains below its 50DMA…

Nasdaq VIX ended the day lower (after jumping higher in early going) as did Russell 2000 VIX…

FANG Stocks fell once again, but dip-buyers charged back in as Europe closed…

The AMZN headlines (cutting prices at Whole Foods) slammed the Packaged Foods index…

Food retailers led declines after Hormel and JM Smucker results missed estimates and Amazon said it would start cutting prices at Whole Foods locations next week, sending stocks like United Natural Foods, Kroger and Costco lower; the merger is expected to close Monday.

Treasury yields rose modestly on the day

30Y yields are outperforming on the week…

The Dollar Index rose modestly on the day (though its range was very small), but remains lower on the week…