Everything is awesome again…
The S&P 500’s dip negative around 11ET (right around the European Close) was met with a wall of buying, until Europe actually closed at 1130 then stocks went sideways. until around 1400ET (after Trump’s NAFTA comments), US equities were panic-bid… Even Trannies gained despite oil’s weakness… The Dow (breaking above 25k) led the markets today (thanks to BA, GS, and UNH)
Since the start of June its been a buying panic every morning…
VIX tumbled to an 11 handle…
For the first time since Feb 1st, RVX/VIX (Russell 2000 VIX / S&P 500 VIX) ratio rose above 1.2 – the 85-day stretch below that level is the longest in history…
S&P 500 Financials actually outperformed tech today (for once), breaking back above the pre-Italy chaos levels from last week…European banks, not so much…
Meanwhile, Musk made some more big promises and Tesla bond and stock shorts got mauled…
“Most Shorted” Stocks had their faces ripped off once again in a non-stop squeeze this week…
Treasury yields pushed higher all day today as prospects for the end of easy money in Europe helped the record bond shorts…
But 10Y remains below 3.00% for now…
And the yield curve steepened a little more…back to Memorial Day levels…
Italian bonds tumbled…
The Dollar Index tumbled early on but once again found support…
At what appears to be some magical range of the last three weeks…(1168, 1170, 1169, 1168, 1169, 1168, 1171, 1173, 1177, 1170, 1171, 1172, 1171, 1172, 1170…)
USDJPY rallied on the day (Yen weakened), breaking above its 200DMA…
The Brazilian real tumbled at the open and at the close to a new cycle low…
Cryptos took a leg lower today at around 12ET – mirroring the surge that occurred at 12ET yesterday…
Copper soared as hopes for a G-7 trade deal were high (remind us again when the G-& has actually done anything?)…Silver also outperformed…
WTI Crude slumped to two-month lows as inventory data surprised with the biggest aggregate build since 2008…
$1300 remains a key pivot level for gold…
The Gold/Silver ratio tumbled today to its lowest since Feb 1st
And silver’s relative outperformance of oil has sent the ratio notably lower…
But while The Dow hits 3-month highs, once again, the SMART money ain’t buying it…
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