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Election Uncertainty reached its cycle highs today as the VIX curve steepened dramatically…

Source: Bloomberg

And stocks still appear unwilling to accept that level of uncertainty…

Source: Bloomberg

So which pill do you want to take?

Real Yields tumbled today, despite nominal yields being unch…

Source: Bloomberg

Gold rallied over $30 from the ovenright lows…

Silver also surged…

And gold’s gains dominated the USD rally this afternoon…

Source: Bloomberg

Stocks were also bid on the real rate slump as well as hope for stimulus (though from where we are completely unsure)…Small Caps dominated the day…

S&P, Dow, and Nasdaq all pushed back up to their 50DMAs but with around 30 minutes to go in the day, the markets rolled over…

Today’s price action saw the biggest buy program since the start of July, following last week’s major sell program…

Source: Bloomberg

3rd short-squeeze day in a row – erased last Wednesday’s tumble…however, the ammo seemed to run out during the day…

Source: Bloomberg

Some claimed that today’s surge in stocks was driven by month-end rebalancing but that seems to be rejected by the fact that there is no bond-selling… none!

Source: Bloomberg

And if that’s the case – the quarter-end rebalancing suggests a massive selling pressure on stocks…

Source: Bloomberg

Credit continues to bearishly diverge from excited stocks…

Source: Bloomberg

Treasury yields were mixed in a small range with the short-end lower and long-end modestly higher…

Source: Bloomberg

The dollar chopped around within its own 2-day range

Source: Bloomberg

The Turkish Lira was the FX markets’ headline maker today… tumbling to record lows amid warring states…

Source: Bloomberg

Cryptos were modestly higher from Friday (with Bitcoin Cash best)…

Source: Bloomberg

The gold/silver ratio dropped back below 80x today…

Source: Bloomberg

WTI broke back above $40 today…

Finally, we note fear and greed are equally balanced… for now…

Source: CNN