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China Supposedly Says, "Just Kidding"

01-11-2018

Last night an anonymous Chinese source appeared to walk back the anonymous comments on Treasuries from yesterday. What is the truth, what is the reality, what does it mean? It is just not possible to say, but the net of it all thus far is not much.

Turning to the equity markets, they were fractionally higher early on. From there they got stronger, gaining about 0.75%.

A Loose Definition of Tight Away from stocks, green paper was weaker again today, especially against the euro, as Mario Draghi made it seem the ECB would be incrementally less loose, which apparently was all it took. Oil was flat, fixed income was higher, and the metals were mixed, but didn't do all that much, with silver adding a couple of cents to gold's $5 gain.

The crypto world took a hit last night and today, with the market cap trading down to about $650 billion, which is about $80 billion lower than yesterday, before it bounced to about $680 billion. Not that these day-to-day machinations mean all that much, but as I have said many times, I continue to find the absolute frenzy and fantasy in anything related to cryptocurrencies to be very interesting and educational.