maandag 17 juli 2017

Bonds, Bullion And Bitcoin Bid As S&P Suffers Lowest Volume Since 2005!

Judging by the volume and volatility today...


This is the market's attitude...


Volume in the S&P 500 ETF (SPY) was its lowest non-holiday day since 2005!!


"Great" China data overnight seems to have triggered a sell-the-news moment in commodities and commodity currencies. China stocks also tumbled overnight after regulators warned of more deleveraging to come. This drove China Small Caps to their lowest since Jan 2015 (down 10% in the last week)...


US 'soft' data dipped today...


But the summer doldrums appear to be here in the states, as S&P, Dow, and Nasdaq barely budged all day (though Trannies and Small Caps did move) FDX was the big weight on Trannies (as airlines outperformed)...


VIX dropped to 9.71 intraday but could not ignite any momentum in stocks and dared to lift back above 10 in the last hour...


FANG Stocks dared to drop today, a dip to buy?


Retail was a big performer again (and Utes rallied) as the rest of the S&P sectors flatlined. Financials underperformed...


Tesla had a tough day after Autopilot Crash headlines and Musk said the share price didn't deserve to be this high, as the day wore on Musk tried to save the day;
*MUSK: TESLA STOCK IS "LOW IF YOU BELIEVE IN TESLA'S FUTURE"...


But investors didn't buy it and then said that the driver didn't blame autopilot...


Bonds were bid today with Treasury yields bull-flattening (30Y -3-4bps on the day as Japan was closed)...


Today was the biggest 2s30s flattening in a month. The Dollar Index gained very modestly on the day (but this was still the best day for the dollar in two weeks)...


Commodity-currencies weakened notably (AUD/CAD), as did Cable...


WTI crude leaked lower today (despite a flat dollar and 'strong' China) but managed to cling to $46.00 as it settled...


Gold and Silver are up 5 of the last 6 days...


Finally, after an ugly weekend, Bitcoin bounced back notably today, from 1830 to 2150!


Seems like Goldman "nailed it". They predicted bitcoin would see a big drop before running to another record high. In a note to clients sent out Sunday, Sheba Jafari, the head of technical strategy at Goldman Sachs, suggested that while bitcoin's correction hadn't run its course, the cryptocurrency was ultimately heading higher. Jafari wrote bitcoin was "still in a corrective 4th wave" that "shouldn't go much further than 1,857." Which is almost exactly where it bottomed; and bitcoin enthusiasts shouldn't worry too much, according to Jafari, because from there she sees the fifth wave of the move taking the cryptocurrency to a record high.
# "From current levels, this has a minimum target that goes out to 3,212 (if equal to the length of wave I). There’s potential to extend as far as 3,915 (if 1.618 times the length of wave I). It just might take time to get there", Jafari wrote...

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