Document Study.

But I don’t get to watch much television. Primarily because of documents. I’m reading documents. A lot.

— Donald Trump,  ca. November

On Monday morning, it kinda seems like maybe the President eschewed his traditional “document study” time in favor of a heavy dose of Fox News, because what emanated from his Twitter feed starting promptly at 7:02 ET and continuing at regular intervals for the next three hours was right out of the Alex Jones/right wing conspiracy playbook.

There was Mexico, the “caravans”, the FBI, the DoJ, NAFTA, and of course Amazon.

Calling it “unhinged” would be to grossly understate the case.

 

Another horrific day for Amazon thanks to the President’s tweets – this was the fourth time this year the shares have fallen 4% or more:

Amazon

Stocks plunged across the board – the Nasdaq is now red for year:

Nasdaq

Worst start to a Q2 in 89 years:

StocksDepression

It looks like the 200-DMA might be out of the running to replace Jerome Powell:

Stocks

VIX hit a 25 handle for the first time since March 23:

VIX

Big-cap tech still stretched valuation wise compared to the broader market:

The Amazon “VIX” is spiking:

VXAMZN

Specs caught offsides (largest net long in five years based on latest CFTC data):

Specs

USDJPY dove in the risk-off move, reversing some of last week’s rally:

USDJPY

Remember when everyone was worried about 3% on 10s? Me neither…

USTs

Intel plunged on reports Apple is set to use their own chips in Macs (Stifel was out defending the shares). At one point, INTC was down 9%, its worst intraday loss in more than two years:

INTC

Semis… crushed:

SOX

Notably, the momentum ETF was massacred. It’s now had 7 days since the start of the year when it’s fallen 2% or more, underscoring the regime shift narrative:

MTUM

Oil was sharply lower as whatever geopolitical premium investors were pricing in was faded as losses started to pile up in U.S. stocks:

Oil

Good day for gold, for obvious reasons:

Gold

Bottom line:

 

 

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