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First Call August 14, 2019
- S&P futures down 1.4%, near worst levels, after US equities rallied big on Tuesday, with both the S&P and Nasdaq more than reversing a Monday selloff.
- Asian markets higher overnight, though gains were modest and indexes finished off best levels.
- European markets weaker with Germany and Italy the notable underperformers. Treasuries rallying across curve. 2/10 spread inverted.
- Dollar back on the defensive against the yen, while also a bit weaker vs euro. Gold up 0.9%. WTI crude off 2.5% after jumping 4% yesterday.
- Reducing TLT short size on open to 2.5% from 5%. Have to risk manage and will wait to add back for weekly price flip down.