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X22 Report

Time For A Rate Cut? Dollar Surge Sparks Stocks, Credit, Crude Purge

From this – “See, rate hikes are awesome…”

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To this…

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US equities quickly tumbled as the NY session opened, erasing Yellen’s gains, then trod water… then ended the day “NOT OFF THE LOWS”

FANGs puked into the close…

Leaving S&P, and Dow back in the red for 2015…

And while stocks are up for the week, they have just managed to clawback losses from last Thursday’s pre-3rd-Avenue close…

The concentration (or lack of breadth) is becoming ridiculous…

Stocks caught down to credit markets today, which did not explode as exubersatly as stocks yesterday… Today’s 24bps decompression in HYCDX is the biggest (ex rolls and last Thursday) widening since October 2014.

HYG broke below support…

But we note that the tip of the spear in credit continues to utterly collapse…

The Long-Bond is now the best-performing asset post-Fed, and crude worst with Gold notably weak…

Treasury yields tumbled with the long-end outperforming…

Cough “policy error” cough…

With the curve smashing 2s30s back below 200bps to 9-month lows…

And financials waking up to reality just a little…

The USDollar was well bid today… extending gains from the immediate “sell the news” reaction after The Fed…

Rallying against all the majors…

Of serious note in FX markets was the 9th consecutive weakening of The Yuan… (longest streak since 2008)

And the collapse of the Argentine Peso… plunging 30% to catch up with its unofficial rate…

And some volatility in Mexican Peso as they raised rates…

USDollar strength sparked weakness across the entire commodity complex with gold and silver suffering…

And crude testing new cycle lows…

And gold tumbled near cycle lows…

Charts: Bloomberg

Bonus Chart: Well, ok it’s not a chart…but still…

“Who is: Martin Shkreli?” $KBIO pic.twitter.com/jWrLKQmVj3

— Jeopardy! Stocks (@JeopardyStocks) December 17, 2015

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