Bonds, Bullion, & Big-Tech Bounce As Headline-Hockey Hits The Dollar
Tyler Durden
Tue, 06/23/2020 – 16:01
Quite a day…
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Navarro dump – US-China trade deal “is over”
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Trump pump – US-China trade deal “fully in tact”
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Kudlow pump – “absolutely, definitely” no second lockdown due to virus
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Fauci slump – “disturbing surge” in infections
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Fauci pump – “promising” vaccine is imminent
Which of course ended with Nasdaq higher (for 8th straight day – longest streak since Dec – and up 19 of the last 22 days)…NOTE how the Nasdaq was instantly bid and Small Caps dumped at the cash open…
Led by the FANGs…
Source: Bloomberg
The last time FANGs were this overbought, it did not end well…
Source: Bloomberg
It would appear, thanks to constant jawboning and Powell’s Put, that the Nasdaq has gone full Rick Astley…
Quite a notable rotation intraday between momentum and value…
Source: Bloomberg
Despite equity gains, bonds were also bid in the belly of the curve…
Source: Bloomberg
Gold was bid most of the day…
Source: Bloomberg
Pushing to its highest since 2012…
Source: Bloomberg
Silver futures got back above $18…
The dollar chopped up and down on the various headlines but ended lower on the day…
Source: Bloomberg
As the dollar dipped, Bitcoin was bid, trading near $9800 overnight…
Source: Bloomberg
Big roundtrip in WTI today ahead of tonight’s inventory data…
Finally, the S&P 500 trades at 22x next 12m consensus EPS and Tech at 25x…
Source: Bloomberg
Bonds ain’t buying it…
Source: Bloomberg
And gold’s starting to flash red…
Source: Bloomberg
And in case you wondered, since the start of May, the S&P 500 is up 250 points during the overnight session and down 23 points during the day session…
Trade Accordingly!