As expected, Tuesday was a largely pointless day as markets lazily reopened after the holidays.
Trump got America off to a positive start by tweeting this:
The only way that could be any sillier is if he screwed up and tweeted to a fake, non-verified Fox & Friends account where the word “friends” was spelled with an “l” instead of an “i”. Oh, wait. He did.
Tech underperformed as Apple fell on reports of lackluster demand for the iPhone X:
For whatever it’s worth, Rosenblatt’s Jun Zhang thinks this isn’t accurate. “Press reports of order cuts of iPhone X units by Apple could be confusing the market and may be referring to previously mentioned iPhone 8/8 Plus production cuts,” Jun writes in a new note, adding that “Rosenblatt does not expect iPhone X component order cuts for the March quarter and maintains its iPhone X production est. of >35m units.”
The jitters of course showed up in Taiwan with the suppliers:
Apparel stocks outperformed on what I guess is holiday euphoria. The S&P 1500 Apparel Retail Index hit its highest level in more than a year:
10Y yields moved lower as did the dollar:
More goddamn debt ceiling jitters (read: legislative ineptitude manifesting itself):
U.S. 3-MONTH T-BILL AUCTION GETS LOWEST BID-COVER SINCE 2009
— Heisenberg Report (@heisenbergrpt) December 26, 2017
Crude surged after reports of an explosion on the pipeline that carries crude to Libya’s Es Sider terminal.
This comes after two straight weeks of outflows from USO (-$35.5m last week and -$63m the week before).
Let’s see… what else? Apparently commodities are “a screaming buy“:
Tight liquidity (overnight CNH Hibor one-month high) and low volume has the offshore yuan at the strongest level since September:
We’ve done enough crypto bashing of the past couple of days so we figured we’d show you how you would have done in percentage terms had you bought Bitcoin, Litecoin, and Ethereum at the Friday morning lows:
Of course invariably you didn’t buy at those lows, and the bad news is, Bitcoin is still down some 20% from the highs hit just ahead of the CME futures launch:
Finally, here’s one for fun:
That was fun. Gimme more, gimme more. One of these days the fool will spell his own name wrong and start slobbering his words oh wait he already did. My bad……………….
Anyone who read that dossier clearly sees the connections that Mueller has already made — only his foolish cult following believes anything that comes out of his mouth.
Using the office of president as his podium to spread bogus accusations to discredit reputations, the lies and slander he spreads about the people who have spent their lives dedicated to safeguarding all of us and protecting our country, is as low as any human can go. He does it because he is 100% guilty and is clawing at walls closing in on him. Any of his rich friends who know what he is doing and still support or celebrate with him are his equal.
Know one thing for sure, there are more of us who will not tolerate what he has done and continues to do to our country and we are the ones who will elect the people who will change this government!
Obviously when the President of the United S
Hello? Marty? did you pass out – unfinished business here… hello? 🙂
Expect more surprises on the T-Bill auctions with our friends at the Fed no longer reinvesting.