US Tech Wrecks, Cryptos Crash As Global Contagion Spreads

Just keep buying, everyone else is…

Bad night for Chinese stockholders…No afternoon National Team BTFD effort!!

European stocks tumbled to their lowest since early April as EM contagion spread on fears of soaring exposures…

And US Equities were mixed – The Dow clung to unchanged all day as Nasdaq was battered (supposedly on regulatory concerns from the Congressional hearings)…

Futures had dipped overnight – mainly during the European session, then NASDAQ snapped at the US Cash open…

Tech is notably underperforming financials in September…

Is this the start of stocks’ catch down to VIX…

FAANG Stocks were ugly…

Amazon is no longer a trillion dollar company…

With both NFLX and GOOGL below their 50DMA…

TWTR tumbled on the day as Dorsey spoke…

And TSLA dropped another 3% to 3-month lows… and TSLA bonds hit a new low…pushing the bond’s yield above 8% – almost as bad as Turkey!

Despite stock weakness, Treasury yields are up once again…

The Dollar ended the day lower – breaking a four-day win streak

Cable spiked and dropped on headlines about Germany’s attitude towards Brexit documents…

EM FX bounced modestly today…

Yuan remains stable…

Cryptos were smacked with the ugly stick today after headlines reported Goldman Sachs delaying its plans for a crypto trading desk…ETH is down 15% this week!