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Crypto Trash Crash

09-14-2017

The market was slightly weaker through midday, with Apple still leaking a modest amount, but just like yesterday, that had no real consequences. Over the course of the day the Nasdaq leaked a little and with an hour to go, when I had to leave, it had lost 0.5%, while the Dow/S&P basically flatlined.

Away from stocks, green paper was stronger again, oil gained 1%-plus as it flirted with the $50 level, fixed income was heavier, and the metals were back and forth around unchanged with small changes.

Taking Out the Garbage As was the case yesterday, crypto-land was the scene of a "crash," with nearly all of the currency wannabes off 15% to 25%. The proximate cause for today's debacle appeared to be the fact that BTC China, which is the second-largest exchange there, said it was going to halt all trading on Sept. 30. My guess is that is not the last we've heard regarding crypto-land trading restrictions emanating from China, meanwhile they still have a long way to go on the downside.

Housekeeping Due to a scheduling conflict, there will be no Rap for Friday, Sept. 15. Ask Fleck will run as usual.

Positions in stocks mentioned: none.