"Sell the Asia open, Buy the European close" appears to be the theme as AAPL buying-panic saved stocks from new 2018 lows... stocks turn positive https://t.co/Nb28XjacLt pic.twitter.com/BKTexypY9M — Sam Ro (@SamRo) https://twitter.com/SamRo/status/1072218416528924673?ref_src=twsrc%5Etfw!function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0],p=/^http:/.test(d.location)?'http':'https';if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src=p+"://platform.twitter.com/widgets.js";fjs.parentNode.insertBefore(js,fjs);}}(document,"script","twitter-wjs"); Weak start to the week for Chinese stocks... European markets wobbled too - thanks to France and UK chaos... and no help from Italy. US Futures show the opening weakness, slow drift higher and ramp into the open, then dump at open not helped by AAPL headlines (which were rescued later in the day)... On the cash side, once again the European close marked the lows intraday... But breadth remains solidly negative with 63% of Nasdaq Composite stocks lower and 66% of S&P 500 stocks falling in mid-afternoon trading. The Dow was ugly early - down over 500 points - before AAPL rescued the world,,, S&P And Dow broke below October lows...and bounced... US Stocks dumped as Brexit headlines accelerated and rebounded as Europe closed... The European close marked the start of the short-squeeze... Note that Nasdaq was rescued as it went red for 2018... Russell 2000 tumbled to its worst level since Sept 2017... Bank stocks are down for the 4th day in a row to their lowest since Sept 2017... Meanwhile, Tesla stock continues to squeeze higher as bonds disappoint... Bonds and Stocks were bid in the last hour... Most of the Treasury complex was very marginally higher on the day, but the long-end outperformed... 10Y traded in a small range and ended practically unch... The yield curve flattened notably... Even as rate-hike odds collapsed... Inflation Breakevens collapsed further along with crude... The Dollar surged back to last Thursday's highs - blasting through payrolls dovish dump... Yuan slid further, erasing more of its post-Truce gains... Cable was crushed as May abandoned her Brexit vote... To its lowest since April 2017 Cryptos have fallen since yesterday's morning session... with Bitcoin dipping back in the red... Commodities all drifted lower as the dollar surged but oil was worst hit... WTI had another bad day, tumbling 3.5% back to a $50 handle... Gold (in USD) was modestly lower - back below $1250... But Gold in Yuan was higher. Finally, as a little reminder, last Thursday, equities staged a tech-led recovery on poor breadth and then were walloped on Friday. But longer-term, the SMART money continues to flood out - new lows... And as Gluskin Sheff's David Rosenberg notes... Most important comment from Powell on Nov 28th: “We also know that the economic effects of our gradual rate increases are uncertain, and may take a year or more to be fully realized.” In other words … 2019 will be the Year of the Pig once the lags kick in. — David Rosenberg (@EconguyRosie) https://twitter.com/EconguyRosie/status/1072128132319199233?ref_src=twsrc%5Etfw!function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0],p=/^http:/.test(d.location)?'http':'https';if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src=p+"://platform.twitter.com/widgets.js";fjs.parentNode.insertBefore(js,fjs);}}(document,"script","twitter-wjs"); And why are the world's most systemically important banks crashing?