Ignorance Is Obliteration

"The news slows, people forget

The shares crash, hopes are dashed

People forget, Forget they're hiding.

Behind an eminence front

It's just a put on"

Bulltards took home maximum risk this weekend. The proximate reason for today's sell-off was Brexit polls showing strong likelihood of EU exit. Aside from the high volume reversal in oil, the story of the week was the cratering of global bond yields, and the obliteration of financials. In the event, dumb beta rolled over as well...

U.S. 10 Year yield / German 10 year:

Don't worry that U.S. asset managers went full Lehman this week...

Deutsche Bank new low

U.S. Financials

Goldman Sachs

Nasdaq

Small caps

Emerging Markets led until yesterday and then gave most of it back, since it was all short-covering anyway...

EM Currency

Dumb beta rolled over and back-tested...

Walmart

NYSE New highs, if that's what you want to call it...

"More gap 'n crap please"
2100 couldn't hold and volatility was well bid...

Breadth momentum

World ex-U.S.

Speaking of Gap 'n crap, USDJPY did its best all day to levitate the S&P but to no avail...after all, free money during the day only goes so far when the Chinese Politburo is pounding the currency every night...

Really, what could go wrong?