Trump picked a bad day to start talking about buyable market glitches. After hours, Apple preannounced weak revenue due to imploding iPhone sales in China. Which tanked the S&P futures. Which then caused global carry currencies to flash crash RISK OFF...
Analysts said the rot began when tech bellwether shocked investors by cutting its earnings guidance, citing sluggish iPhone sales in China.
The news sent U.S. stock futures sliding and sparked a rush of funds to safe-haven bonds."
With risk aversion high, the safe-haven yen was propelled through major technical levels and triggered massive stop-loss flows from investors who have been short of the yen for months."
Treasury yields closed today at key one year support level:
Treasury bears are getting force unwound, as their economic fantasies get margined out.
Yen (dollar) carry traders - drinking the same Kool-Aid as bond shorts - are also getting margined out.
$USDJPY flash crashed to the 105 level (dotted line)
"Apple blamed most of the revenue shortfall for struggling business in China"
The irony
