10Y CTA DACA debt ceiling deflation dollar Dow ECB euro europe FX gold harvey irma north korea S&P 500 south korea yen yuan

Death By A Thousand Cuts.

The bottom line is that between another powerful hurricane approaching the U.S. mainland, U.S. markets catching up with their global counterparts in terms of pricing in North Korea after the long weekend, the DACA decision which portends more bickering in Washington, and the looming debt ceiling debate (with the specter of a technical default showing up in today's decidedly poor 4-week bill auction), it was death by a thousand cuts.

Well, Tuesday could have gone better. The bottom line is that between another powerful hurricane approaching the U.S. mainland, U.S. markets catching up with their global counterparts in terms of pricing in North Korea after the long weekend, the DACA decision which portends more bickering in Washington, and the looming debt ceiling debate (with the specter of a technical default showing up in today's decidedly poor 4-week bill auction), it was death by a thousand cuts. By the closing bell, it was the worst day for stocks since the Gary Cohn rumor wreaked havoc on markets midway through last month: Stocks fell hard with the situation deteriorating in earnest about 45 minutes after the DACA decision: The VIX calmed down a bit into the close, but did manage to give the Target managers a scare after hitting a 14-handle: Yields fell hard as the market priced in all of the above. Here's what you need to know there: Here's a useful summary from Bloomberg: Treasuries surged over morning session as U.S. investors had their first chance to react to weekend news of heightened North Korea tensions; Hurricane Irma was classed as a Category 5 storm, prompting Florida to declare
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4 comments on “Death By A Thousand Cuts.

  1. Marty says:

    That’s quite a dip to buy on, ey?
    They can label this one the BIG DIPPER!

  2. VietVet says:

    Today is only 9/5.
    By 9/9 the dip should probably be greater.
    Tropical storm Jose, just formed east of the Leward Antilles,
    May signal the train is camping up.
    And then we have DPRK Day.
    As I posted earlier on Japan’s plans, have we missed anything?
    Possibly a birthday present headed for Guam

  3. lots of luck says:

    NK should be punished hard–not sure a bomb is a good idea tho.
    for those of us short usa markets–that will take care of itself.
    unsustainable is just that.

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