{"id":6084,"date":"2020-01-31T17:19:42","date_gmt":"2020-01-31T21:19:42","guid":{"rendered":"http:\/\/stateofthenation.co\/?p=6084"},"modified":"2020-01-31T17:21:30","modified_gmt":"2020-01-31T21:21:30","slug":"pandemic-monium-if-january-market-trends-economic-data-and-financials-are-any-indication-2020-is-gonna-get-ugly","status":"publish","type":"post","link":"http:\/\/stateofthenation.co\/?p=6084","title":{"rendered":"<b>PANDEMIConium<\/b>: If January market trends, economic data and financials are any indication, 2020 is gonna get ugly."},"content":{"rendered":"<h1>Pandemic-onium Sparks Global Market Meltdown, Bonds Soar Most In 5 Years<\/h1>\n<p><!--more-->ZeroHedge.com<\/p>\n<div class=\"clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item\">\n<p>After months of cool, calm, and collected risk-on rallies, January saw traders shit the bed as BTFD strategies faltered across every asset-class&#8230;<\/p>\n<div class=\"max-width-video-wrapper\">\n<div class=\"fluid-width-video-wrapper\"><iframe id=\"fitvid561857\" src=\"https:\/\/www.youtube.com\/embed\/ZvEE3_mBzi8\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\" data-mce-fragment=\"1\"><\/iframe><\/div>\n<\/div>\n<p>&#8230;as The Fed balance sheet stopped expanding&#8230;<\/p>\n<p><a href=\"https:\/\/www.zerohedge.com\/s3\/files\/inline-images\/bfmCCA.jpg?itok=TqWC8Eyo\" data-image-external-href=\"\" data-image-href=\"\/s3\/files\/inline-images\/bfmCCA.jpg?itok=TqWC8Eyo\" data-link-option=\"0\"><picture><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfmCCA.jpg?itok=ioy157Ly 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 1280px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfmCCA.jpg?itok=ioy157Ly 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 480px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfmCCA.jpg?itok=ioy157Ly 1x, https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfmCCA.jpg?itok=ioy157Ly 2x\" type=\"image\/jpeg\" media=\"all and (min-width: 1024px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfmCCA.jpg?itok=ioy157Ly 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 768px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_mobile\/public\/inline-images\/bfmCCA.jpg?itok=TqWC8Eyo 1x\" type=\"image\/jpeg\" \/><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/inline-images\/bfmCCA.jpg\" alt=\"\" width=\"500\" height=\"260\" data-entity-type=\"file\" data-entity-uuid=\"350270e6-e23c-487d-9810-5d077877e569\" data-responsive-image-style=\"inline_images\" \/><\/picture><\/a><\/p>\n<div class=\"ad__wrapper-element\"><\/div>\n<div class=\"ad__wrapper-element\"><\/div>\n<p><em>Source: Bloomberg<\/em><\/p>\n<h3><u>How bad was January?<\/u><\/h3>\n<ul>\n<li><strong>US Stocks worst start to a year since 2016<\/strong><\/li>\n<li>China stocks (futures) worst start to a year since 2016<\/li>\n<li>UK Stocks worst start to a year since 2014<\/li>\n<li><strong>Biggest January jump in VIX since 2014<\/strong><\/li>\n<li><strong>Treasury yields biggest January drop since 2015<\/strong><\/li>\n<li>Yield curve flattened 2nd most in four years<\/li>\n<li>Copper&#8217;s worst start to a year since 2015 (and worst losing streak in history)<\/li>\n<li><strong>WTI&#8217;s worst start to a year since 1991<\/strong><\/li>\n<li><strong>Gold&#8217;s best start to a year since 2017<\/strong><\/li>\n<\/ul>\n<p>And as stocks and industrial commodities plunged, so the rates market panicked and started to price in almost 2 rate-cuts in 2020 &#8211; Please Jay Powell, save us!!<\/p>\n<div class=\"ad__wrapper-element\"><\/div>\n<p><a href=\"https:\/\/www.zerohedge.com\/s3\/files\/inline-images\/bfmA169_1.jpg?itok=ja0c-In_\" data-image-external-href=\"\" data-image-href=\"\/s3\/files\/inline-images\/bfmA169_1.jpg?itok=ja0c-In_\" data-link-option=\"0\"><picture><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfmA169_1.jpg?itok=CkRVqXis 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 1280px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfmA169_1.jpg?itok=CkRVqXis 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 480px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfmA169_1.jpg?itok=CkRVqXis 1x, https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfmA169_1.jpg?itok=CkRVqXis 2x\" type=\"image\/jpeg\" media=\"all and (min-width: 1024px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfmA169_1.jpg?itok=CkRVqXis 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 768px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_mobile\/public\/inline-images\/bfmA169_1.jpg?itok=ja0c-In_ 1x\" type=\"image\/jpeg\" \/><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/inline-images\/bfmA169_1.jpg\" alt=\"\" width=\"500\" height=\"260\" data-entity-type=\"file\" data-entity-uuid=\"07e61658-2c69-491a-8abb-349939c817d8\" data-responsive-image-style=\"inline_images\" \/><\/picture><\/a><\/p>\n<p><em>Source: Bloomberg<\/em><\/p>\n<p>Chinese markets have been shut all week but judging by A50 futures, the Shanghai Composite is set to open down 350 points (about a 12% drop)<\/p>\n<p><a href=\"https:\/\/www.zerohedge.com\/s3\/files\/inline-images\/bfmF24C.jpg?itok=MgHlnjbG\" data-image-external-href=\"\" data-image-href=\"\/s3\/files\/inline-images\/bfmF24C.jpg?itok=MgHlnjbG\" data-link-option=\"0\"><picture><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfmF24C.jpg?itok=Xct2HtqD 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 1280px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfmF24C.jpg?itok=Xct2HtqD 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 480px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfmF24C.jpg?itok=Xct2HtqD 1x, https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfmF24C.jpg?itok=Xct2HtqD 2x\" type=\"image\/jpeg\" media=\"all and (min-width: 1024px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfmF24C.jpg?itok=Xct2HtqD 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 768px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_mobile\/public\/inline-images\/bfmF24C.jpg?itok=MgHlnjbG 1x\" type=\"image\/jpeg\" \/><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/inline-images\/bfmF24C.jpg\" alt=\"\" width=\"500\" height=\"260\" data-entity-type=\"file\" data-entity-uuid=\"2605808d-666a-4bff-8b0c-52891b128c9f\" data-responsive-image-style=\"inline_images\" \/><\/picture><\/a><\/p>\n<p><em>Source: Bloomberg<\/em><\/p>\n<div class=\"ad__wrapper-element\"><\/div>\n<p>Europe was red across the board with UK&#8217;s FTSE worst as Brexit Day finally arrives&#8230;<\/p>\n<p><a href=\"https:\/\/www.zerohedge.com\/s3\/files\/inline-images\/bfm8FF9.jpg?itok=6rvMrJdc\" data-image-external-href=\"\" data-image-href=\"\/s3\/files\/inline-images\/bfm8FF9.jpg?itok=6rvMrJdc\" data-link-option=\"0\"><picture><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfm8FF9.jpg?itok=kumRCcCf 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 1280px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfm8FF9.jpg?itok=kumRCcCf 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 480px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfm8FF9.jpg?itok=kumRCcCf 1x, https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfm8FF9.jpg?itok=kumRCcCf 2x\" type=\"image\/jpeg\" media=\"all and (min-width: 1024px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfm8FF9.jpg?itok=kumRCcCf 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 768px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_mobile\/public\/inline-images\/bfm8FF9.jpg?itok=6rvMrJdc 1x\" type=\"image\/jpeg\" \/><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/inline-images\/bfm8FF9.jpg\" alt=\"\" width=\"500\" height=\"259\" data-entity-type=\"file\" data-entity-uuid=\"5dfe4222-e1fb-4bd5-bbe2-af75c7cd98f2\" data-responsive-image-style=\"inline_images\" \/><\/picture><\/a><\/p>\n<p><em>Source: Bloomberg<\/em><\/p>\n<h3><u>&#8220;Dead-Bat-Bounce&#8221; Dies.<\/u><\/h3>\n<div class=\"ad__wrapper-element\"><\/div>\n<p><strong>S&amp;P, Dow Industrials, Dow Transports, and Russell 2000 suffered their biggest daily drop since August&#8230;<\/strong><\/p>\n<p><a href=\"https:\/\/www.zerohedge.com\/s3\/files\/inline-images\/2020-01-31_13-10-59.jpg?itok=qf3OR1Pl\" data-image-external-href=\"\" data-image-href=\"\/s3\/files\/inline-images\/2020-01-31_13-10-59.jpg?itok=qf3OR1Pl\" data-link-option=\"0\"><picture><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/2020-01-31_13-10-59.jpg?itok=4YDsU_8P 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 1280px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/2020-01-31_13-10-59.jpg?itok=4YDsU_8P 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 480px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/2020-01-31_13-10-59.jpg?itok=4YDsU_8P 1x, https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/2020-01-31_13-10-59.jpg?itok=4YDsU_8P 2x\" type=\"image\/jpeg\" media=\"all and (min-width: 1024px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/2020-01-31_13-10-59.jpg?itok=4YDsU_8P 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 768px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_mobile\/public\/inline-images\/2020-01-31_13-10-59.jpg?itok=qf3OR1Pl 1x\" type=\"image\/jpeg\" \/><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/inline-images\/2020-01-31_13-10-59.jpg\" alt=\"\" width=\"500\" height=\"361\" data-entity-type=\"file\" data-entity-uuid=\"59f1d24f-dba6-4713-b306-ccd921a69b16\" data-responsive-image-style=\"inline_images\" \/><\/picture><\/a><\/p>\n<p>US markets ended the month on an escalatingly ugly note with The Dow joining Trannies and Small Caps in the red for the month and the S&amp;P clinging to unchanged&#8230;<\/p>\n<p><a href=\"https:\/\/www.zerohedge.com\/s3\/files\/inline-images\/2020-01-31_12-59-56.jpg?itok=Yjvv_6mE\" data-image-external-href=\"\" data-image-href=\"\/s3\/files\/inline-images\/2020-01-31_12-59-56.jpg?itok=Yjvv_6mE\" data-link-option=\"0\"><picture><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/2020-01-31_12-59-56.jpg?itok=99w52qqw 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 1280px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/2020-01-31_12-59-56.jpg?itok=99w52qqw 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 480px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/2020-01-31_12-59-56.jpg?itok=99w52qqw 1x, https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/2020-01-31_12-59-56.jpg?itok=99w52qqw 2x\" type=\"image\/jpeg\" media=\"all and (min-width: 1024px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/2020-01-31_12-59-56.jpg?itok=99w52qqw 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 768px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_mobile\/public\/inline-images\/2020-01-31_12-59-56.jpg?itok=Yjvv_6mE 1x\" type=\"image\/jpeg\" \/><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/inline-images\/2020-01-31_12-59-56.jpg\" alt=\"\" width=\"500\" height=\"298\" data-entity-type=\"file\" data-entity-uuid=\"a68d40da-dcf0-4329-8119-35861b8ba668\" data-responsive-image-style=\"inline_images\" \/><\/picture><\/a><\/p>\n<div class=\"ad__wrapper-element\"><\/div>\n<p>The final pumpathon from the Task Force was desperate to get the S&amp;P back above 3230.78 &#8211; positive for the year&#8230;<\/p>\n<p><a href=\"https:\/\/www.zerohedge.com\/s3\/files\/inline-images\/2020-01-31_13-00-34.jpg?itok=nt3-RESH\" data-image-external-href=\"\" data-image-href=\"\/s3\/files\/inline-images\/2020-01-31_13-00-34.jpg?itok=nt3-RESH\" data-link-option=\"0\"><picture><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/2020-01-31_13-00-34.jpg?itok=gWZ-El-r 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 1280px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/2020-01-31_13-00-34.jpg?itok=gWZ-El-r 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 480px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/2020-01-31_13-00-34.jpg?itok=gWZ-El-r 1x, https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/2020-01-31_13-00-34.jpg?itok=gWZ-El-r 2x\" type=\"image\/jpeg\" media=\"all and (min-width: 1024px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/2020-01-31_13-00-34.jpg?itok=gWZ-El-r 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 768px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_mobile\/public\/inline-images\/2020-01-31_13-00-34.jpg?itok=nt3-RESH 1x\" type=\"image\/jpeg\" \/><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/inline-images\/2020-01-31_13-00-34.jpg\" alt=\"\" width=\"500\" height=\"298\" data-entity-type=\"file\" data-entity-uuid=\"ecf0ab15-26f4-4818-8f53-8c6859fc19b9\" data-responsive-image-style=\"inline_images\" \/><\/picture><\/a><\/p>\n<p>Things could have been worse &#8211; AMZN saved the Nasdaq and S&amp;P from worse days, and IBM saved The Dow from being even uglier.<\/p>\n<p>AMZN joined the &#8216;cuattro comas&#8217; club&#8230;<\/p>\n<p><a href=\"https:\/\/www.zerohedge.com\/s3\/files\/inline-images\/bfm1ACE.jpg?itok=L0UAg8fd\" data-image-external-href=\"\" data-image-href=\"\/s3\/files\/inline-images\/bfm1ACE.jpg?itok=L0UAg8fd\" data-link-option=\"0\"><picture><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfm1ACE.jpg?itok=kY6W7zyR 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 1280px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfm1ACE.jpg?itok=kY6W7zyR 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 480px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfm1ACE.jpg?itok=kY6W7zyR 1x, https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfm1ACE.jpg?itok=kY6W7zyR 2x\" type=\"image\/jpeg\" media=\"all and (min-width: 1024px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfm1ACE.jpg?itok=kY6W7zyR 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 768px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_mobile\/public\/inline-images\/bfm1ACE.jpg?itok=L0UAg8fd 1x\" type=\"image\/jpeg\" \/><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/inline-images\/bfm1ACE.jpg\" alt=\"\" width=\"500\" height=\"253\" data-entity-type=\"file\" data-entity-uuid=\"3d2706fe-3612-4b52-858b-cb18f33491b0\" data-responsive-image-style=\"inline_images\" \/><\/picture><\/a><\/p>\n<p><em>Source: Bloomberg<\/em><\/p>\n<p>Notably,\u00a0<strong>2020\u2019s top-five S&amp;P 500 gainers contributed more points to the index than in any other January going back to 1999.<\/strong><\/p>\n<p><a href=\"https:\/\/www.zerohedge.com\/s3\/files\/inline-images\/2020-01-31%20%284%29.png?itok=hZm7W80v\" data-image-external-href=\"\" data-image-href=\"\/s3\/files\/inline-images\/2020-01-31%20%284%29.png?itok=hZm7W80v\" data-link-option=\"0\"><picture><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/2020-01-31%20%284%29.png?itok=siQzHilk 1x\" type=\"image\/png\" media=\"all and (min-width: 1280px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/2020-01-31%20%284%29.png?itok=siQzHilk 1x\" type=\"image\/png\" media=\"all and (min-width: 480px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/2020-01-31%20%284%29.png?itok=siQzHilk 1x, https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/2020-01-31%20%284%29.png?itok=siQzHilk 2x\" type=\"image\/png\" media=\"all and (min-width: 1024px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/2020-01-31%20%284%29.png?itok=siQzHilk 1x\" type=\"image\/png\" media=\"all and (min-width: 768px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_mobile\/public\/inline-images\/2020-01-31%20%284%29.png?itok=hZm7W80v 1x\" type=\"image\/png\" \/><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/inline-images\/2020-01-31%20%284%29.png\" alt=\"\" width=\"500\" height=\"322\" data-entity-type=\"file\" data-entity-uuid=\"67352e98-fd92-4a49-847e-f1ff6eeb7c63\" data-responsive-image-style=\"inline_images\" \/><\/picture><\/a><\/p>\n<p><em>Source: Bloomberg<\/em><\/p>\n<p>Notably stocks really accelerated as prices dropped through their peak exposure and gamma flipped negative&#8230;<\/p>\n<p><a href=\"https:\/\/www.zerohedge.com\/s3\/files\/inline-images\/2020-01-31_12-11-42.jpg?itok=eCwpzgii\" data-image-external-href=\"\" data-image-href=\"\/s3\/files\/inline-images\/2020-01-31_12-11-42.jpg?itok=eCwpzgii\" data-link-option=\"0\"><picture><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/2020-01-31_12-11-42.jpg?itok=E4KmnSze 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 1280px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/2020-01-31_12-11-42.jpg?itok=E4KmnSze 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 480px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/2020-01-31_12-11-42.jpg?itok=E4KmnSze 1x, https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/2020-01-31_12-11-42.jpg?itok=E4KmnSze 2x\" type=\"image\/jpeg\" media=\"all and (min-width: 1024px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/2020-01-31_12-11-42.jpg?itok=E4KmnSze 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 768px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_mobile\/public\/inline-images\/2020-01-31_12-11-42.jpg?itok=eCwpzgii 1x\" type=\"image\/jpeg\" \/><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/inline-images\/2020-01-31_12-11-42.jpg\" alt=\"\" width=\"500\" height=\"303\" data-entity-type=\"file\" data-entity-uuid=\"d6d71d5a-d838-43f3-aaa2-167054db2158\" data-responsive-image-style=\"inline_images\" \/><\/picture><\/a><\/p>\n<p>All the US majors fell back through to to crucial technical levels&#8230;<\/p>\n<p><a href=\"https:\/\/www.zerohedge.com\/s3\/files\/inline-images\/2020-01-31_12-21-21.jpg?itok=jVNhdJKv\" data-image-external-href=\"\" data-image-href=\"\/s3\/files\/inline-images\/2020-01-31_12-21-21.jpg?itok=jVNhdJKv\" data-link-option=\"0\"><picture><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/2020-01-31_12-21-21.jpg?itok=tOP6FXgR 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 1280px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/2020-01-31_12-21-21.jpg?itok=tOP6FXgR 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 480px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/2020-01-31_12-21-21.jpg?itok=tOP6FXgR 1x, https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/2020-01-31_12-21-21.jpg?itok=tOP6FXgR 2x\" type=\"image\/jpeg\" media=\"all and (min-width: 1024px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/2020-01-31_12-21-21.jpg?itok=tOP6FXgR 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 768px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_mobile\/public\/inline-images\/2020-01-31_12-21-21.jpg?itok=jVNhdJKv 1x\" type=\"image\/jpeg\" \/><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/inline-images\/2020-01-31_12-21-21.jpg\" alt=\"\" width=\"500\" height=\"333\" data-entity-type=\"file\" data-entity-uuid=\"2123c2ab-865f-40c2-9fb5-604cf7549e03\" data-responsive-image-style=\"inline_images\" \/><\/picture><\/a><\/p>\n<p>Dow futures plunged over 600 points back near the Iran Missile Strike spike lows from early January&#8230;the Strike Force press conference at the end of the day was used to manipulate prices off the lows<\/p>\n<p><a href=\"https:\/\/www.zerohedge.com\/s3\/files\/inline-images\/2020-01-31_12-51-11.jpg?itok=xFwU-0rD\" data-image-external-href=\"\" data-image-href=\"\/s3\/files\/inline-images\/2020-01-31_12-51-11.jpg?itok=xFwU-0rD\" data-link-option=\"0\"><picture><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/2020-01-31_12-51-11.jpg?itok=MqKPJ4fm 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 1280px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/2020-01-31_12-51-11.jpg?itok=MqKPJ4fm 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 480px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/2020-01-31_12-51-11.jpg?itok=MqKPJ4fm 1x, https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/2020-01-31_12-51-11.jpg?itok=MqKPJ4fm 2x\" type=\"image\/jpeg\" media=\"all and (min-width: 1024px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/2020-01-31_12-51-11.jpg?itok=MqKPJ4fm 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 768px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_mobile\/public\/inline-images\/2020-01-31_12-51-11.jpg?itok=xFwU-0rD 1x\" type=\"image\/jpeg\" \/><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/inline-images\/2020-01-31_12-51-11.jpg\" alt=\"\" width=\"500\" height=\"329\" data-entity-type=\"file\" data-entity-uuid=\"d139adc4-09cd-4a56-a7da-90e5f0749b1a\" data-responsive-image-style=\"inline_images\" \/><\/picture><\/a><\/p>\n<p>Defensives ended the month in the green while cyclicals were hit hard late on&#8230;<\/p>\n<p><a href=\"https:\/\/www.zerohedge.com\/s3\/files\/inline-images\/bfmD18E.jpg?itok=hlcjMsrh\" data-image-external-href=\"\" data-image-href=\"\/s3\/files\/inline-images\/bfmD18E.jpg?itok=hlcjMsrh\" data-link-option=\"0\"><picture><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfmD18E.jpg?itok=l6ASrShB 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 1280px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfmD18E.jpg?itok=l6ASrShB 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 480px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfmD18E.jpg?itok=l6ASrShB 1x, https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfmD18E.jpg?itok=l6ASrShB 2x\" type=\"image\/jpeg\" media=\"all and (min-width: 1024px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfmD18E.jpg?itok=l6ASrShB 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 768px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_mobile\/public\/inline-images\/bfmD18E.jpg?itok=hlcjMsrh 1x\" type=\"image\/jpeg\" \/><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/inline-images\/bfmD18E.jpg\" alt=\"\" width=\"500\" height=\"259\" data-entity-type=\"file\" data-entity-uuid=\"1b6a5851-7e9c-476c-b7b0-bae2a9973091\" data-responsive-image-style=\"inline_images\" \/><\/picture><\/a><\/p>\n<p><em>Source: Bloomberg<\/em><\/p>\n<p>VIX soared above 19 today &#8211; highest since October 10th&#8230;<\/p>\n<p><a href=\"https:\/\/www.zerohedge.com\/s3\/files\/inline-images\/2020-01-31_11-52-17.jpg?itok=oQ8XM53n\" data-image-external-href=\"\" data-image-href=\"\/s3\/files\/inline-images\/2020-01-31_11-52-17.jpg?itok=oQ8XM53n\" data-link-option=\"0\"><picture><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/2020-01-31_11-52-17.jpg?itok=xkgew_Vy 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 1280px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/2020-01-31_11-52-17.jpg?itok=xkgew_Vy 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 480px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/2020-01-31_11-52-17.jpg?itok=xkgew_Vy 1x, https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/2020-01-31_11-52-17.jpg?itok=xkgew_Vy 2x\" type=\"image\/jpeg\" media=\"all and (min-width: 1024px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/2020-01-31_11-52-17.jpg?itok=xkgew_Vy 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 768px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_mobile\/public\/inline-images\/2020-01-31_11-52-17.jpg?itok=oQ8XM53n 1x\" type=\"image\/jpeg\" \/><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/inline-images\/2020-01-31_11-52-17.jpg\" alt=\"\" width=\"500\" height=\"230\" data-entity-type=\"file\" data-entity-uuid=\"1a13cd67-1c35-484e-9afb-e5a4f34e040e\" data-responsive-image-style=\"inline_images\" \/><\/picture><\/a><\/p>\n<p><em>Source: Bloomberg<\/em><\/p>\n<p>And both equity and credit protection costs soared in the last week&#8230;<\/p>\n<p><a href=\"https:\/\/www.zerohedge.com\/s3\/files\/inline-images\/bfmE71_1.jpg?itok=jfiLu9K3\" data-image-external-href=\"\" data-image-href=\"\/s3\/files\/inline-images\/bfmE71_1.jpg?itok=jfiLu9K3\" data-link-option=\"0\"><picture><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfmE71_1.jpg?itok=Wk2FgbEw 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 1280px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfmE71_1.jpg?itok=Wk2FgbEw 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 480px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfmE71_1.jpg?itok=Wk2FgbEw 1x, https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfmE71_1.jpg?itok=Wk2FgbEw 2x\" type=\"image\/jpeg\" media=\"all and (min-width: 1024px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfmE71_1.jpg?itok=Wk2FgbEw 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 768px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_mobile\/public\/inline-images\/bfmE71_1.jpg?itok=jfiLu9K3 1x\" type=\"image\/jpeg\" \/><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/inline-images\/bfmE71_1.jpg\" alt=\"\" width=\"500\" height=\"262\" data-entity-type=\"file\" data-entity-uuid=\"0ee4efb1-6f30-4ebd-ba55-a20bd60fa82a\" data-responsive-image-style=\"inline_images\" \/><\/picture><\/a><\/p>\n<p><em>Source: Bloomberg<\/em><\/p>\n<p>HY Bond prices had their worst month since May 2019&#8230;<\/p>\n<p><a href=\"https:\/\/www.zerohedge.com\/s3\/files\/inline-images\/bfm3706.jpg?itok=ltvyos3F\" data-image-external-href=\"\" data-image-href=\"\/s3\/files\/inline-images\/bfm3706.jpg?itok=ltvyos3F\" data-link-option=\"0\"><picture><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfm3706.jpg?itok=xXT5BUor 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 1280px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfm3706.jpg?itok=xXT5BUor 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 480px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfm3706.jpg?itok=xXT5BUor 1x, https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfm3706.jpg?itok=xXT5BUor 2x\" type=\"image\/jpeg\" media=\"all and (min-width: 1024px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfm3706.jpg?itok=xXT5BUor 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 768px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_mobile\/public\/inline-images\/bfm3706.jpg?itok=ltvyos3F 1x\" type=\"image\/jpeg\" \/><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/inline-images\/bfm3706.jpg\" alt=\"\" width=\"500\" height=\"261\" data-entity-type=\"file\" data-entity-uuid=\"639e20a0-fe80-4397-b8ce-ffb27b1cb1c3\" data-responsive-image-style=\"inline_images\" \/><\/picture><\/a><\/p>\n<p><em>Source: Bloomberg<\/em><\/p>\n<p>But the decoupling between bond yields and stocks this month was farcical&#8230;<\/p>\n<p><a href=\"https:\/\/www.zerohedge.com\/s3\/files\/inline-images\/bfmC184.jpg?itok=dA9Q5wOW\" data-image-external-href=\"\" data-image-href=\"\/s3\/files\/inline-images\/bfmC184.jpg?itok=dA9Q5wOW\" data-link-option=\"0\"><picture><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfmC184.jpg?itok=mZ_oOcxd 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 1280px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfmC184.jpg?itok=mZ_oOcxd 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 480px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfmC184.jpg?itok=mZ_oOcxd 1x, https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfmC184.jpg?itok=mZ_oOcxd 2x\" type=\"image\/jpeg\" media=\"all and (min-width: 1024px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfmC184.jpg?itok=mZ_oOcxd 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 768px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_mobile\/public\/inline-images\/bfmC184.jpg?itok=dA9Q5wOW 1x\" type=\"image\/jpeg\" \/><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/inline-images\/bfmC184.jpg\" alt=\"\" width=\"500\" height=\"272\" data-entity-type=\"file\" data-entity-uuid=\"f9b48384-f913-40dd-850c-ce6ab3181b15\" data-responsive-image-style=\"inline_images\" \/><\/picture><\/a><\/p>\n<p><em>Source: Bloomberg<\/em><\/p>\n<p>Treasury yields tumbled this week (and month)&#8230;<\/p>\n<p><a href=\"https:\/\/www.zerohedge.com\/s3\/files\/inline-images\/bfm434E.jpg?itok=FkfzOQW1\" data-image-external-href=\"\" data-image-href=\"\/s3\/files\/inline-images\/bfm434E.jpg?itok=FkfzOQW1\" data-link-option=\"0\"><picture><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfm434E.jpg?itok=SM60VEBd 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 1280px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfm434E.jpg?itok=SM60VEBd 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 480px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfm434E.jpg?itok=SM60VEBd 1x, https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfm434E.jpg?itok=SM60VEBd 2x\" type=\"image\/jpeg\" media=\"all and (min-width: 1024px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfm434E.jpg?itok=SM60VEBd 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 768px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_mobile\/public\/inline-images\/bfm434E.jpg?itok=FkfzOQW1 1x\" type=\"image\/jpeg\" \/><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/inline-images\/bfm434E.jpg\" alt=\"\" width=\"500\" height=\"260\" data-entity-type=\"file\" data-entity-uuid=\"dfb7df51-09c5-452e-9a38-87da2b2fead6\" data-responsive-image-style=\"inline_images\" \/><\/picture><\/a><\/p>\n<p><em>Source: Bloomberg<\/em><\/p>\n<p>Don&#8217;t worry though&#8230;<\/p>\n<ul>\n<li>Clarida:\u00a0<strong>Drop in Long-Term U.S. Treasury Yields Reflects Global Uncertainty<\/strong><\/li>\n<li>Clarida:<em><strong>\u00a0&#8220;I&#8217;m Not Today Concerned About the Inverted Yield Curve&#8221;<\/strong><\/em><\/li>\n<\/ul>\n<p>30Y Yields broke below 2.00%&#8230;<\/p>\n<p><a href=\"https:\/\/www.zerohedge.com\/s3\/files\/inline-images\/bfmFE08.jpg?itok=xOPxdhMv\" data-image-external-href=\"\" data-image-href=\"\/s3\/files\/inline-images\/bfmFE08.jpg?itok=xOPxdhMv\" data-link-option=\"0\"><picture><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfmFE08.jpg?itok=u-gD3Z4n 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 1280px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfmFE08.jpg?itok=u-gD3Z4n 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 480px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfmFE08.jpg?itok=u-gD3Z4n 1x, https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfmFE08.jpg?itok=u-gD3Z4n 2x\" type=\"image\/jpeg\" media=\"all and (min-width: 1024px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfmFE08.jpg?itok=u-gD3Z4n 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 768px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_mobile\/public\/inline-images\/bfmFE08.jpg?itok=xOPxdhMv 1x\" type=\"image\/jpeg\" \/><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/inline-images\/bfmFE08.jpg\" alt=\"\" width=\"500\" height=\"261\" data-entity-type=\"file\" data-entity-uuid=\"80283c4e-a9bd-4502-99a5-1ffc36ed9e44\" data-responsive-image-style=\"inline_images\" \/><\/picture><\/a><\/p>\n<p><em>Source: Bloomberg<\/em><\/p>\n<p>2Y Yields plunged to their lowest since Sept 2017&#8230;<\/p>\n<p><a href=\"https:\/\/www.zerohedge.com\/s3\/files\/inline-images\/bfm4AEB.jpg?itok=MXR4hEkY\" data-image-external-href=\"\" data-image-href=\"\/s3\/files\/inline-images\/bfm4AEB.jpg?itok=MXR4hEkY\" data-link-option=\"0\"><picture><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfm4AEB.jpg?itok=Brk20l4O 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 1280px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfm4AEB.jpg?itok=Brk20l4O 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 480px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfm4AEB.jpg?itok=Brk20l4O 1x, https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfm4AEB.jpg?itok=Brk20l4O 2x\" type=\"image\/jpeg\" media=\"all and (min-width: 1024px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfm4AEB.jpg?itok=Brk20l4O 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 768px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_mobile\/public\/inline-images\/bfm4AEB.jpg?itok=MXR4hEkY 1x\" type=\"image\/jpeg\" \/><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/inline-images\/bfm4AEB.jpg\" alt=\"\" width=\"500\" height=\"262\" data-entity-type=\"file\" data-entity-uuid=\"8560eda7-dcf9-4259-a710-09c84f84e673\" data-responsive-image-style=\"inline_images\" \/><\/picture><\/a><\/p>\n<p><em>Source: Bloomberg<\/em><\/p>\n<p>The yield curve flattened massively in January &#8211; the second biggest monthly drop since Jan 2016 &#8211; 3m10Y flattened 40bps and is back inverted&#8230;<\/p>\n<p><a href=\"https:\/\/www.zerohedge.com\/s3\/files\/inline-images\/bfm2E04.jpg?itok=QKNWeYj6\" data-image-external-href=\"\" data-image-href=\"\/s3\/files\/inline-images\/bfm2E04.jpg?itok=QKNWeYj6\" data-link-option=\"0\"><picture><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfm2E04.jpg?itok=K8OvSwj9 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 1280px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfm2E04.jpg?itok=K8OvSwj9 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 480px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfm2E04.jpg?itok=K8OvSwj9 1x, https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfm2E04.jpg?itok=K8OvSwj9 2x\" type=\"image\/jpeg\" media=\"all and (min-width: 1024px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfm2E04.jpg?itok=K8OvSwj9 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 768px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_mobile\/public\/inline-images\/bfm2E04.jpg?itok=QKNWeYj6 1x\" type=\"image\/jpeg\" \/><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/inline-images\/bfm2E04.jpg\" alt=\"\" width=\"500\" height=\"259\" data-entity-type=\"file\" data-entity-uuid=\"b272cac3-8b33-47f3-869c-c10996c58b31\" data-responsive-image-style=\"inline_images\" \/><\/picture><\/a><\/p>\n<p><em>Source: Bloomberg<\/em><\/p>\n<p>And finally, January saw negative yielding debt jump over 20% (almost $2.3 trillion) &#8211; most since Aug 2017&#8230;<\/p>\n<p><a href=\"https:\/\/www.zerohedge.com\/s3\/files\/inline-images\/bfm1F59.jpg?itok=bJhGUjYd\" data-image-external-href=\"\" data-image-href=\"\/s3\/files\/inline-images\/bfm1F59.jpg?itok=bJhGUjYd\" data-link-option=\"0\"><picture><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfm1F59.jpg?itok=bLfI7nxg 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 1280px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfm1F59.jpg?itok=bLfI7nxg 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 480px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfm1F59.jpg?itok=bLfI7nxg 1x, https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfm1F59.jpg?itok=bLfI7nxg 2x\" type=\"image\/jpeg\" media=\"all and (min-width: 1024px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfm1F59.jpg?itok=bLfI7nxg 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 768px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_mobile\/public\/inline-images\/bfm1F59.jpg?itok=bJhGUjYd 1x\" type=\"image\/jpeg\" \/><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/inline-images\/bfm1F59.jpg\" alt=\"\" width=\"500\" height=\"261\" data-entity-type=\"file\" data-entity-uuid=\"ac6c47a3-6cd3-4170-bb13-820444a2d6e1\" data-responsive-image-style=\"inline_images\" \/><\/picture><\/a><\/p>\n<p><em>Source: Bloomberg<\/em><\/p>\n<p>The Dollar dumped today but ended the month higher&#8230;<\/p>\n<p><a href=\"https:\/\/www.zerohedge.com\/s3\/files\/inline-images\/bfm20BA.jpg?itok=Lxuwzm4a\" data-image-external-href=\"\" data-image-href=\"\/s3\/files\/inline-images\/bfm20BA.jpg?itok=Lxuwzm4a\" data-link-option=\"0\"><picture><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfm20BA.jpg?itok=J9S_-L_c 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 1280px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfm20BA.jpg?itok=J9S_-L_c 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 480px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfm20BA.jpg?itok=J9S_-L_c 1x, https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfm20BA.jpg?itok=J9S_-L_c 2x\" type=\"image\/jpeg\" media=\"all and (min-width: 1024px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfm20BA.jpg?itok=J9S_-L_c 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 768px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_mobile\/public\/inline-images\/bfm20BA.jpg?itok=Lxuwzm4a 1x\" type=\"image\/jpeg\" \/><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/inline-images\/bfm20BA.jpg\" alt=\"\" width=\"500\" height=\"261\" data-entity-type=\"file\" data-entity-uuid=\"db8598b1-d49b-4ec9-9418-24c02e9a2e10\" data-responsive-image-style=\"inline_images\" \/><\/picture><\/a><\/p>\n<p><em>Source: Bloomberg<\/em><\/p>\n<p>Offshore Yuan fell on the month, its first monthly drop since August, back to the crucial 7.00 level&#8230;<\/p>\n<p><a href=\"https:\/\/www.zerohedge.com\/s3\/files\/inline-images\/bfmF2FF.jpg?itok=ZQA8-oVl\" data-image-external-href=\"\" data-image-href=\"\/s3\/files\/inline-images\/bfmF2FF.jpg?itok=ZQA8-oVl\" data-link-option=\"0\"><picture><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfmF2FF.jpg?itok=i3p4xvhk 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 1280px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfmF2FF.jpg?itok=i3p4xvhk 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 480px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfmF2FF.jpg?itok=i3p4xvhk 1x, https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfmF2FF.jpg?itok=i3p4xvhk 2x\" type=\"image\/jpeg\" media=\"all and (min-width: 1024px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfmF2FF.jpg?itok=i3p4xvhk 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 768px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_mobile\/public\/inline-images\/bfmF2FF.jpg?itok=ZQA8-oVl 1x\" type=\"image\/jpeg\" \/><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/inline-images\/bfmF2FF.jpg\" alt=\"\" width=\"500\" height=\"259\" data-entity-type=\"file\" data-entity-uuid=\"32a23db1-6ed2-4b86-b22f-dfc12ebc03c4\" data-responsive-image-style=\"inline_images\" \/><\/picture><\/a><\/p>\n<p><em>Source: Bloomberg<\/em><\/p>\n<p>Cryptos had a huge January with Bitcoin up over 30% &#8211; best month since June&#8230;<\/p>\n<p><a href=\"https:\/\/www.zerohedge.com\/s3\/files\/inline-images\/bfmE2EA.jpg?itok=sdx-iUL6\" data-image-external-href=\"\" data-image-href=\"\/s3\/files\/inline-images\/bfmE2EA.jpg?itok=sdx-iUL6\" data-link-option=\"0\"><picture><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfmE2EA.jpg?itok=ergt6SNI 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 1280px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfmE2EA.jpg?itok=ergt6SNI 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 480px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfmE2EA.jpg?itok=ergt6SNI 1x, https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfmE2EA.jpg?itok=ergt6SNI 2x\" type=\"image\/jpeg\" media=\"all and (min-width: 1024px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfmE2EA.jpg?itok=ergt6SNI 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 768px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_mobile\/public\/inline-images\/bfmE2EA.jpg?itok=sdx-iUL6 1x\" type=\"image\/jpeg\" \/><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/inline-images\/bfmE2EA.jpg\" alt=\"\" width=\"500\" height=\"262\" data-entity-type=\"file\" data-entity-uuid=\"6df00e7e-adb4-4d89-8208-7e99effcfaee\" data-responsive-image-style=\"inline_images\" \/><\/picture><\/a><\/p>\n<p><em>Source: Bloomberg<\/em><\/p>\n<aside class=\"newsletter-insert\" data-gtm-vis-recent-on-screen-2077925_80=\"73810\" data-gtm-vis-first-on-screen-2077925_80=\"73810\" data-gtm-vis-total-visible-time-2077925_80=\"100\" data-gtm-vis-has-fired-2077925_80=\"1\">\n<div class=\"newsletter-insert__left-section\">\n<h2 class=\"newsletter-insert__title\">NEVER MISS THE NEWS THAT MATTERS MOST<\/h2>\n<\/div>\n<div class=\"newsletter-insert__right-section\">\n<div class=\"newsletter-insert__right-section-flex-wrapper\">\n<p class=\"newsletter-insert__subtext\">ZEROHEDGE DIRECTLY TO YOUR INBOX<\/p>\n<p class=\"newsletter-insert__subtext_cont\">Receive a daily recap featuring a curated list of must-read stories.<\/p>\n<form class=\"newsletter-insert__form\"><input class=\"newsletter-insert__form-text-input\" type=\"email\" placeholder=\"Your email...\" \/><input class=\"newsletter-insert__form-button\" type=\"submit\" value=\"Subscribe\" \/><\/form>\n<\/div>\n<\/div>\n<\/aside>\n<p>Crude and Copper were clubbed like baby seals in January, Gold managed gains&#8230;<\/p>\n<p><a href=\"https:\/\/www.zerohedge.com\/s3\/files\/inline-images\/bfm2A06.jpg?itok=S_tfCFaF\" data-image-external-href=\"\" data-image-href=\"\/s3\/files\/inline-images\/bfm2A06.jpg?itok=S_tfCFaF\" data-link-option=\"0\"><picture><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfm2A06.jpg?itok=srItZEPx 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 1280px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfm2A06.jpg?itok=srItZEPx 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 480px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfm2A06.jpg?itok=srItZEPx 1x, https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfm2A06.jpg?itok=srItZEPx 2x\" type=\"image\/jpeg\" media=\"all and (min-width: 1024px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfm2A06.jpg?itok=srItZEPx 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 768px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_mobile\/public\/inline-images\/bfm2A06.jpg?itok=S_tfCFaF 1x\" type=\"image\/jpeg\" \/><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/inline-images\/bfm2A06.jpg\" alt=\"\" width=\"500\" height=\"259\" data-entity-type=\"file\" data-entity-uuid=\"497553a8-a120-4c88-9d21-66d6bf3afda3\" data-responsive-image-style=\"inline_images\" \/><\/picture><\/a><\/p>\n<p><em>Source: Bloomberg<\/em><\/p>\n<p>Lean Hogs collapsed&#8230;<\/p>\n<p><a href=\"https:\/\/www.zerohedge.com\/s3\/files\/inline-images\/bfm9B4.jpg?itok=aTRpWcb2\" data-image-external-href=\"\" data-image-href=\"\/s3\/files\/inline-images\/bfm9B4.jpg?itok=aTRpWcb2\" data-link-option=\"0\"><picture><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfm9B4.jpg?itok=RWzW9_U8 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 1280px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfm9B4.jpg?itok=RWzW9_U8 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 480px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfm9B4.jpg?itok=RWzW9_U8 1x, https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfm9B4.jpg?itok=RWzW9_U8 2x\" type=\"image\/jpeg\" media=\"all and (min-width: 1024px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfm9B4.jpg?itok=RWzW9_U8 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 768px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_mobile\/public\/inline-images\/bfm9B4.jpg?itok=aTRpWcb2 1x\" type=\"image\/jpeg\" \/><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/inline-images\/bfm9B4.jpg\" alt=\"\" width=\"500\" height=\"258\" data-entity-type=\"file\" data-entity-uuid=\"478cb1ea-505e-4b9a-8e47-102abb8181dc\" data-responsive-image-style=\"inline_images\" \/><\/picture><\/a><\/p>\n<p><em>Source: Bloomberg<\/em><\/p>\n<p>Soybeans crashed&#8230;<\/p>\n<p><a href=\"https:\/\/www.zerohedge.com\/s3\/files\/inline-images\/bfm58B2.jpg?itok=ft3h07Ks\" data-image-external-href=\"\" data-image-href=\"\/s3\/files\/inline-images\/bfm58B2.jpg?itok=ft3h07Ks\" data-link-option=\"0\"><picture><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfm58B2.jpg?itok=RlS1EX-g 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 1280px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfm58B2.jpg?itok=RlS1EX-g 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 480px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfm58B2.jpg?itok=RlS1EX-g 1x, https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfm58B2.jpg?itok=RlS1EX-g 2x\" type=\"image\/jpeg\" media=\"all and (min-width: 1024px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfm58B2.jpg?itok=RlS1EX-g 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 768px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_mobile\/public\/inline-images\/bfm58B2.jpg?itok=ft3h07Ks 1x\" type=\"image\/jpeg\" \/><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/inline-images\/bfm58B2.jpg\" alt=\"\" width=\"500\" height=\"261\" data-entity-type=\"file\" data-entity-uuid=\"7cc08d67-1868-4b61-8b9e-3d73bce30401\" data-responsive-image-style=\"inline_images\" \/><\/picture><\/a><\/p>\n<p><em>Source: Bloomberg<\/em><\/p>\n<p>Copper Carnage&#8230;<\/p>\n<p><a href=\"https:\/\/www.zerohedge.com\/s3\/files\/inline-images\/bfmF45E.jpg?itok=A4pZvu-m\" data-image-external-href=\"\" data-image-href=\"\/s3\/files\/inline-images\/bfmF45E.jpg?itok=A4pZvu-m\" data-link-option=\"0\"><picture><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfmF45E.jpg?itok=QFSmp6dU 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 1280px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfmF45E.jpg?itok=QFSmp6dU 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 480px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfmF45E.jpg?itok=QFSmp6dU 1x, https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfmF45E.jpg?itok=QFSmp6dU 2x\" type=\"image\/jpeg\" media=\"all and (min-width: 1024px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfmF45E.jpg?itok=QFSmp6dU 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 768px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_mobile\/public\/inline-images\/bfmF45E.jpg?itok=A4pZvu-m 1x\" type=\"image\/jpeg\" \/><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/inline-images\/bfmF45E.jpg\" alt=\"\" width=\"500\" height=\"259\" data-entity-type=\"file\" data-entity-uuid=\"5e5012b2-fc8c-4697-801b-ba3d4ec9f505\" data-responsive-image-style=\"inline_images\" \/><\/picture><\/a><\/p>\n<p><em>Source: Bloomberg<\/em><\/p>\n<p>WTI tumbled to a $50 handle intraday &#8211; a critical support level&#8230;<\/p>\n<p><a href=\"https:\/\/www.zerohedge.com\/s3\/files\/inline-images\/bfmAE55.jpg?itok=QDRNU87n\" data-image-external-href=\"\" data-image-href=\"\/s3\/files\/inline-images\/bfmAE55.jpg?itok=QDRNU87n\" data-link-option=\"0\"><picture><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfmAE55.jpg?itok=TnaVLuS2 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 1280px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfmAE55.jpg?itok=TnaVLuS2 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 480px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfmAE55.jpg?itok=TnaVLuS2 1x, https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfmAE55.jpg?itok=TnaVLuS2 2x\" type=\"image\/jpeg\" media=\"all and (min-width: 1024px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfmAE55.jpg?itok=TnaVLuS2 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 768px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_mobile\/public\/inline-images\/bfmAE55.jpg?itok=QDRNU87n 1x\" type=\"image\/jpeg\" \/><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/inline-images\/bfmAE55.jpg\" alt=\"\" width=\"500\" height=\"261\" data-entity-type=\"file\" data-entity-uuid=\"bdcb7d21-9560-47fa-991b-74551b9dc9fd\" data-responsive-image-style=\"inline_images\" \/><\/picture><\/a><\/p>\n<p><em>Source: Bloomberg<\/em><\/p>\n<p><strong>Gold jumped back up near $1600&#8230;to its highest close since March 2013<\/strong><\/p>\n<p><a href=\"https:\/\/www.zerohedge.com\/s3\/files\/inline-images\/bfm8E5_1.jpg?itok=tPHr0jiD\" data-image-external-href=\"\" data-image-href=\"\/s3\/files\/inline-images\/bfm8E5_1.jpg?itok=tPHr0jiD\" data-link-option=\"0\"><picture><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfm8E5_1.jpg?itok=CeJb1KP7 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 1280px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfm8E5_1.jpg?itok=CeJb1KP7 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 480px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfm8E5_1.jpg?itok=CeJb1KP7 1x, https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfm8E5_1.jpg?itok=CeJb1KP7 2x\" type=\"image\/jpeg\" media=\"all and (min-width: 1024px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfm8E5_1.jpg?itok=CeJb1KP7 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 768px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_mobile\/public\/inline-images\/bfm8E5_1.jpg?itok=tPHr0jiD 1x\" type=\"image\/jpeg\" \/><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/inline-images\/bfm8E5_1.jpg\" alt=\"\" width=\"500\" height=\"261\" data-entity-type=\"file\" data-entity-uuid=\"fb28a3b6-0fed-4c3b-afcc-da897b2c31b1\" data-responsive-image-style=\"inline_images\" \/><\/picture><\/a><\/p>\n<p><em>Source: Bloomberg<\/em><\/p>\n<p>Finally, don&#8217;t forget that none of this decline should surprise you &#8211; did it really take a global pandemic to reintroduce some market rationality?<\/p>\n<p><a href=\"https:\/\/www.zerohedge.com\/s3\/files\/inline-images\/bfmF46E_0.jpg?itok=QFDT9VMh\" data-image-external-href=\"\" data-image-href=\"\/s3\/files\/inline-images\/bfmF46E_0.jpg?itok=QFDT9VMh\" data-link-option=\"0\"><picture><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfmF46E_0.jpg?itok=9cvvdWit 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 1280px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfmF46E_0.jpg?itok=9cvvdWit 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 480px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfmF46E_0.jpg?itok=9cvvdWit 1x, https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfmF46E_0.jpg?itok=9cvvdWit 2x\" type=\"image\/jpeg\" media=\"all and (min-width: 1024px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfmF46E_0.jpg?itok=9cvvdWit 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 768px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_mobile\/public\/inline-images\/bfmF46E_0.jpg?itok=QFDT9VMh 1x\" type=\"image\/jpeg\" \/><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/inline-images\/bfmF46E_0.jpg\" alt=\"\" width=\"500\" height=\"258\" data-entity-type=\"file\" data-entity-uuid=\"19297425-27b1-412d-b4f0-322ba53c24e2\" data-responsive-image-style=\"inline_images\" \/><\/picture><\/a><\/p>\n<p><em>Source: Bloomberg<\/em><\/p>\n<p>And if Dr.Copper is right, the global economy is in for some serious turbulence&#8230;<\/p>\n<p><a href=\"https:\/\/www.zerohedge.com\/s3\/files\/inline-images\/bfm1F93.jpg?itok=0VvOOegS\" data-image-external-href=\"\" data-image-href=\"\/s3\/files\/inline-images\/bfm1F93.jpg?itok=0VvOOegS\" data-link-option=\"0\"><picture><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfm1F93.jpg?itok=qPPX1vpH 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 1280px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfm1F93.jpg?itok=qPPX1vpH 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 480px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfm1F93.jpg?itok=qPPX1vpH 1x, https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfm1F93.jpg?itok=qPPX1vpH 2x\" type=\"image\/jpeg\" media=\"all and (min-width: 1024px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_desktop\/public\/inline-images\/bfm1F93.jpg?itok=qPPX1vpH 1x\" type=\"image\/jpeg\" media=\"all and (min-width: 768px)\" \/><source srcset=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_mobile\/public\/inline-images\/bfm1F93.jpg?itok=0VvOOegS 1x\" type=\"image\/jpeg\" \/><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/inline-images\/bfm1F93.jpg\" alt=\"\" width=\"500\" height=\"259\" data-entity-type=\"file\" data-entity-uuid=\"2e5ff89b-f664-4606-9208-5f9316440863\" data-responsive-image-style=\"inline_images\" \/><\/picture><\/a><\/p>\n<p><em>Source: Bloomberg<\/em><\/p>\n<p><u><em><strong>Reminder &#8211; one week ago in Davos, Ray Dalio told the world that &#8220;cash is trash!&#8221;<\/strong><\/em><\/u><\/p>\n<p><u><em><strong><a href=\"https:\/\/www.zerohedge.com\/s3\/files\/inline-images\/2020-01-31_12-32-48.jpg?itok=Zjcbbtm_\" data-image-external-href=\"\" data-image-href=\"\/s3\/files\/inline-images\/2020-01-31_12-32-48.jpg?itok=Zjcbbtm_\" data-link-option=\"0\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/inline-images\/2020-01-31_12-32-48.jpg\" alt=\"\" width=\"500\" height=\"337\" data-entity-type=\"file\" data-entity-uuid=\"3374373f-6bc3-4757-a7e2-c0b7ee30e3f8\" data-responsive-image-style=\"inline_images\" \/><\/a><\/strong><\/em><\/u><\/p>\n<p>___<br \/>\n<a href=\"https:\/\/www.zerohedge.com\/markets\/markets-turmoil-wuhan-worries-spark-global-de-risking-january\">https:\/\/www.zerohedge.com\/markets\/markets-turmoil-wuhan-worries-spark-global-de-risking-january<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Pandemic-onium Sparks Global Market Meltdown, Bonds Soar Most In 5 Years<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-6084","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"http:\/\/stateofthenation.co\/index.php?rest_route=\/wp\/v2\/posts\/6084","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/stateofthenation.co\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/stateofthenation.co\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/stateofthenation.co\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/stateofthenation.co\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6084"}],"version-history":[{"count":0,"href":"http:\/\/stateofthenation.co\/index.php?rest_route=\/wp\/v2\/posts\/6084\/revisions"}],"wp:attachment":[{"href":"http:\/\/stateofthenation.co\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6084"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/stateofthenation.co\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6084"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/stateofthenation.co\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6084"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}