European economies are collapsing along with global sovereign bond yields... but stocks seem to have found something to love (hint rhymes with Schmentral Schmank Schmiquidty)... how long are they willing to let this decoupling from reality last?

Total desperation to ensure the world thinks...

When in fact its circling the drain.

China remains closed for the lunar new year celebrations but Yuan tumbled on the Kudlow comments...

Worst day of the year for German and Italian stocks as the parade of terrible economic data finally breaks the bad news is good news meme...

Larry Kudlow spoiled the party early on after stocks rebounded magically at the cash open...

But we did see dip-buying after Europe closed - Nasdaq was worst, Trannies best...

S&P failed to break its 200DMA for the second day and broke down below its 100DMA...

Nasdaq and S&P ended the day giving up all their February gains...

US equities also started to play catch down to crude's recent demise...

Equity and Credit protection costs spiked... IG spreads spiked the most since mid-December...

And stocks started top catch down to bond yields' reality...

Treasury Yields tumbled across the curve...

30Y broke back below 3.00%...

And the market is repricing the uber-dovish Fed (expecting rates to drop 10bps in 2019!)...

The dollar is up for the 6th day in a row - the longest win streak since Dec 2017...but note that it rolled over at what looks like key resistance...

We wonder what happens when the Chinese come back from their lunar new year celebrations.

Notably, EM FX has been tumbling as the USD surged and EM sovereign debt was hit today...

Cryptos were quiet again after yesterday's chaos...

Despite dollar gains, PMs managed to rally (safe haven), copper was flat, and crude tumbled...

Gold dipped and ripped back to unchanged...

WTI tested $51 handle intraday...

Finally, we note that, while it's surely just a coincidence but, US equity markets suffered their biggest drop since the start of the year on the day when AOC unveiled her full-socialist-utopia "Green New Deal"...