Dow Outpaces Nasdaq For 3rd Straight Day; Bonds, Bullion, & Bitcoin Bid
Tyler Durden
Tue, 07/14/2020 – 16:00
A volatile day got ugly fast early triggered by the inflation data but was rescued by relatively positive virus reports from various states sparking the usual buying panic in stocks. A late-day panic-bid rescued everything of course as a MoC buy hit the tape…
The Dow rose 600 points, back above yesterday’s highs, finding support early on at the 200DMA…
From the June 8th highs, the non-Nasdaq indices are coming back a little…
But, Nasdaq was the laggard once again with The Dow outpacing it for the 3rd straight day – the biggest outperformance in 4 months…
And while stocks overall were bid (led by the Dow), investors also bought bonds…
Source: Bloomberg
They also bought bullion…
Source: Bloomberg
And they bought Bitcoin…
Source: Bloomberg
You want the truth!
You can’t handle the truth!
Value outperformed Growth for the second day in a row…
Source: Bloomberg
FANG Stocks plunged over 10% from yesterday’s highs before bouncing back intraday…
Source: Bloomberg
TSLA could not hold its manipulated opening ramp gains for the second day in a row…
WFC was ugly as JPM clung to gains after earnings…
Source: Bloomberg
10Y Treasury yield closed near 3-month lows…
Source: Bloomberg
The Dollar reverted back to the lower end of its recent range…
Source: Bloomberg
Cryptos were mixed today, weak overnight but bid from the European open…
Source: Bloomberg
Commodities didn’t move too much today aside from oil which bounced during the US day session (ahead of tonight’s inventory data)
Source: Bloomberg
And finally, for all those panicking about a “second wave” and demanding nationwide lockdowns, perhaps an uncomfortable glance at the rate of deaths might change your mind about just how much hysteria is required…
Source: Bloomberg