US Equity Futures Open Down 1% – Erase Friday's Melt-Up Close

Surprise! The pump on Friday afternoon has given way to the 5th ‘dump’ in 5 days as US equity futures have crumbled back top Friday’s lows and are catching down to USDJPY’s early weakness. Gold is up $10 at $1,338. It seems once again that stocks, despite all those talking heads on Friday afternoon so confidently explaining how Ukraine was priced-in, knew nothing… US Treasury futures are well bid implying 10Y -5bps at 2.60% and 5Y -4bps at 1.46%.

 

USDJPY in charge…

 

As the “efficient” stock market catches down to reality./..

 

Treasuries are rallying on safe-haven bid…

 

Charts: Bloomberg

    



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