Trump Tax Bill Sparks Worst 2 Days For Stocks & Bonds In 2017

But, but, but… it wasn’t supposed to be priced in…

Video length: 00:00:32

On the day Trannies and Small Caps managed gains…

Futures show stocks dumped again at the open, tried valiantly to bounce back… but failed…

Notably VIX crashed at the open 8.90…

FANG stocks were weak again today…

High-Tax firms outperformed Low-Tax…

Bank Stocks were weak again – giving up gains from earlier in the week…

As a reminder, yesterday was the worst day for stock and bond investors of 2017.. and today was almost as ugly…

Which is the worst 2-day drop for stocks and bonds since the election…

Bonds were a bloodbath once again today… but we note once again that all the selling pressure occurred during the US session…

As the yield curve steepened dramatically… most since January 2009

So the yield curve is the steepest since the Nov FOMC Minutes, 30Y Yield are the highest since the Nov 1st FOMC meeting…

The Dollar Index dipped again today but remains somewhat rangebound over the last week…

Copper & Crude continue their bounce back…

WTI/RBOB rallied on the day after big crude draw (and smaller than expected gasoline build)…

Gold and Silver also gained – to their highest in 2 weeks…

The divergence between gold and bitcoin is closing fast…

Lots of chaotic moves in Cryto-space today.

Bitcoin and Bitcoin Cash were inversely traded as the Coinbase reopening hit…