Stocks, Dollar Bounce After Comey Clip Sparks Trump Bump

Old news is good news…

 

The day started off ugly with a bloodbath in Brazil…

 

Today's bounce back in the dollar and stocks was brought to you by a clip from two weeks ago – that was public knowledge – showing Comey admitting under oath that obstructions of his investigations "never happened."

 

The Comey Clip bounce however faded into the close…

 

Notably financials are still the laggard over the two days and only Utes are higher…

 

Banks pumped at the open, dropped after Europe closed then rallied after comments from Mnuchin on 21st Century Glass-Steagal and not breaking up banks…

 

Of course this is happening as breadth collapses… the last time this happened was in 2015 and led to the crash surrounding the china devaluation.

 

Treasury yields bounced higher after overnight buying in bonds leaving yields marginally higher on the day (+1-2bps) apart from the long end (30Y -1bps)…

 

30Y closed below 2.90% – below pre-Macron win levels…

 

 

2s30s tumbled to its lowest since Oct 13th 2016… (despite small bounce on Comey)

 

The Dollar Index remains down 1% on the week, though bounced today on the Comey clip (note the flash crash in cable)

 

Spot the difference… Stocks or USDJPY…

 

 

 

Silver was hit relatively hard today and gold drifted lower as the dollar gained – however, Noble Group liquidation fingerprints were all over Silver…

 

WTI and RBOB ended the day higher but had quite a ride after Saudi stockpiles surge sent prices lower below OPEC headlines jawboning bounced them higher…


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