No excuse needed... This seemed to sum the talking heads up today... Everyone who loves the ECI index is now searching for another index to like — GreekFire23 (@GreekFire23) https://twitter.com/GreekFire23/status/627094351043235840!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"); Everything was awsome today after the worst wage growth in US history sent stocks soaring.. and then they unleashed The Bullard: 1408ET *FED'S BULLARD SAYS "IN GOOD SHAPE" FOR SEPT HIKE: DJ VIA CNBC Complete chaos today... With cash indices ending mixed (Nasdaq desparately clinging to green and Small caps ripped on biotech reach for safety lol!!!) A complete disconnect between yields and stocks until Bullard spoiled the party... Today across bonds, stocks, and gold... Stocks were rolling over hard and then... The Market Broke - 1532ET *NYSE HAVING BINARY GATEWAY LATENCY ISSUE ON IP 159.125.64.138 And so VIX was slammed...to ensure S&P holds the all-important 2100 level... * * * Year-to-Date... Dow's down, Bonds down-er, Crude down-est... as The US Dollar is up 7.5%... Trannies are still the big laggards with Nasdaq leading... Led by Healthcare (Biotechs) as Energy remains the biggest loser... * * * It was quite a month!! Bonds hot, commodities cold, stocks meh... Bonds had their best month since January... (TLT +4.3%) - 2s30s biggest flattening (-23bps) since January Stocks managed - after this week's epic surge - to get into the green for July...Trannies best month since Feb (up 4.1%) but Small Caps (Russell 2000) fell for the first time since April... Commodities worst month since Sept 2011... to the lowest since April 2002 WTI Crude's worst month since Oct 2008 (down 20.5%) - lowest close since March 2015 Copper's worst month since Jan 2015 (down 10%) - lowest close since June 2009 Gold's worst month since June 2013 (down 6.5%) - lowest monthly close since Jan 2010 Silver's worst month since Sept 2014 (down 6%) - lowest monthly close since July 2009 * * * On the week, Stocks soared... As VIX "Matterhorn"-ed... Bonds soared... The dollar ended the week unchanged... and all but silver slipped in commodities... And crude was crushed back to a $46 handle... Finally - despite all the huffing and puffing over how China saved the world again with their intervention, Chinese stocks suffered their worst week in the last 5, crashing 9-12%... The Shanghai Composite closed July down 14.4% - the worst month since August 2009. Charts: Bloomberg Bonus Chart: "Smart" Money Flow Continues To Signal Rotation To Weak Hands...