Liquidity drying up?

Notable weakness in Chinese stocks overnight, pushing them all into the red for the week...

Maybe the Chinese are starting to lose confidence?

European stocks opened weak, but bounced before ECB comments on neg rates for TLTROs prompted some weakness into the close...

US equities were mixed with Trannies the biggest clear winner. Every effort was made to get the S&P green and they succeeded...

It was an odd day for stocks - Dow Futures traded in a 30 point range for hours (ignoring the typical chaos around the open), before tanking at the EU close...

The S&P 500 is up 13 of the last 14 days in the last hour of the day (and the only down day was 4/2 with a 0.01% drop in the last hour)...

In fact, 2019 has been a year of last hour ramps...

Treasury yields rose (despite stock weakness), jumping 3-4bps across the curve...leaving the curve flat to higher in yields on the week...

With 10Y back above the 2.50% level...

The Dollar surged on the day - ending a 3-day losing streak - back above 97.00...

Cryptos were weaker today pushing Ripple, Litecoin, and Bitcoin Cash into the red for the week...

With Bitcoin briefly testing $5000...

Commodities were down across the board...

Gold tumbled back below $1300 as the dollar rebounded...

Finally, amid all the chatter and worries about President Trump, deficits, debt-loads, petrodollar threats, and on and on... USA Sovereign risk (default/devaluation) tumbled to its lowest since Lehman...

Are stocks starting to recognize that the liquidity buffer is fading...