First Call - Hedge Fund Telemetry

S&P futures down 0.6%, near worst levels, after US equities finished with solid gains on Tuesday. Asian markets weaker overnight with China down over 2%. European markets on the defensive, though several closed for holiday. Treasuries stronger across the curve. Dollar stronger vs euro, but now lagging yen. Gold down 0.8%. WTI crude off more than 1%. Copper down over 2% at 13-month lows. S&P bullish sentiment is at 68%, NDX at 72% while the USD bullish sentiment is at 96%. Since I am in Dallas today moving my daughter into her dorm, there will be no daily note.
Turkish lira has extended its rebound, some credit has gone to swap transaction limits, though press continues to discuss skepticism about sustainability given lack of an appropriate policy response (ie higher rates) and no signs of thaw with the US. In terms of later dynamic, Turkish court rejected appeal for American pastor’s release from detention, while Reuters reported yesterday Trump administration looking at ratcheting up economic pressure.
China another macro overhang with additional yuan fixed lower for a fifth straight session and stocks under additional pressure. Tencent missed numbers and the stock will be under pressure today. It's very oversold but without momentum turn, the small long position could be cut. NY Times had latest article discussing how Trump’s trade war has rattled Beijing. Quiet elsewhere. UK inflation saw a slight pickup in July. Indonesia surprised with its fourth rate hike since May.
VIX closed above its 50 day moving average for the 3rd straight session; that hasn’t happened in over a month (when the S&P was 100 points below current levels).
"Risk off" weighing on Commodities, as the Bloomberg Commodity Index is within 1% of breaking to new 12 month lows. Most base metals are -2% or worse on the session.

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