As stocks slumped this afternoon, mainstream media turned into farce...



Emotional Roller-Coaster...

Futures show yesterday's drift higher and then the opening ramp to record highs... before the plunged to unchanged (and BTFD)...Nasdaq and S&P ended lower from Friday's close...

No News Was Great News as The Dow topped 26k at the open - rallying that last 1000 points at a record-smashing pace of 0.57% per day (just seven days). This is the most-aggressive rise in The Dow ever... triple the pace of the 24k to 25k advance

Bonds and Stocks traded in sync with one another today - which is out of the norm - with investors buying both together early and selling both together after...Until stocks started to get really hammered...

This was The Dow's biggest intraday percentage reversal since Dec 1st 2017, biggest absolute point reversal since June 2016...

And biggest high to close reversal since March 2017...

Financials and Tech ended the day lower after a solid start...

VIX hit a 5-week high intraday... (NOTE - VIX was rising with futures into the open)

As we noted earlier, S&P options skew reached a record low (greed) level today...

And risk appetite reached its most greedy ever...

Treasury yields began the day lower (even as stocks soared), started to rise as stocks sank, but then as stock losses accelerated, long-end yields tumbled...

The yield curve continued to flatten to new cycle lows...

The Dollar Index gave up its early gains, down for the 5th day in a row...

Early on the big story was the collapse in cryptos (and the gloating that stocks were soaring)... it was an ugly day though in cryptocurrency land...

Bitcoin Futures dropped to their lowest level since inception (and Cash neared its lowest sicen the start of December)

Gold rallied back above $1340 today, higher than Friday's close. WTI closed lower...

Gold and Bitcoin have decoupled once again...