So to sum up – US testfires a Nuke, Govt Shutdown looms, Trump Tax plan is a wishlist with no details, Canadian mortage lenders collapse, and animal spirits tumble – stocks close unchanged… so we thought this would help…

Bonds and Bullion were bid after the Trump Tax plan was unveiled and banks and stocks sank…

As Citi noted, while the market isn’t jumping around on this but there is a bid in US fixed income, taking USD/JPY down towards 111.00. All in all, a classic buy the rumor, sell the news on an underdelivered (but fairly presented as such) “big announcement” from the Trump Administration.

Trannies fell for the second day in a row, but The Dow, S&P, and Nasdaq all desperately clung to unch amid late day selling…

Stocks still positive post-French-election…

But Small Caps ripped to new record highs… because fun-durr-mentals…

We note that there was a desperate VIX crush after stocks began to sink following Trump’s Tax Plan – have to keep the smoke-and-mirrors dream alive… Despite two good runs at trying to break 2,400, they failed…

Of course all the headlines were surrounding the wishlist of tax Trump’s tax reform plan but in the meantime, Canada’s mortgage lenders collapsed…

The Peso and The Loonie tumbled on chatter of a NAFTA withdrawal notice executive order…

Government Shutdown concerns grew notably once again (despite hope for a stopgap funding bill) with the short-dated curve inverting notably…

‘Animal Spirits’ have tumbled to 2-month lows…

One has to wonder at the market’s confidence when 5Y Treasury yields tumble at the announcement of a “pro-growth” tax reform plan…