The Phaserl


GAN2017 Begins To Crumble

by Turd Ferguson, TF Metals Report:

With the defeat late Friday of the Trump-Ryan healthcare bill, the realization that GAN2017 is in jeopardy has suddenly seemed to grip the “markets”.

There’s a lot going on this evening, thus this unusual Sunday night post. We’ll go into much more detail on Monday but, suffice it to say, The Generally Accepted Narrative for 2017 is beginning to crumble. If you’re unfamiliar with GAN2017, please take a moment to review this post from January:

Two links you should be sure to read before Monday gets rolling are here:

And this is a now a major, looming problem, too:

So, the POSX is falling, the USDJPY is down over a point, S&P futures are off by nearly 20 points and CDG is approaching $1260 and a critical test of the 200-day MA.

First, note the breakdown in the POSX:

Speaking of breakdowns, check the swoon in the USDJPY that has fully reversed the late Friday ramp and is now making new 2017 lows.

The Long Bond is back under 3.00% while S&P futures are tanking:

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