* A strong green day on Wall St overnight that saw Dow closing at exactly 40k with breadth improving
https://x.com/unusual_whales/status/1811853094864527737
* Stronger PPI dampened Precious Metals but gold and silver stocks bucked the trend, closing mixed
* A mixed outing although it appears that market participants were focusing on badly beaten stocks for quick gains
* With markets imputing a 90% chance of a Fed rate cut in Sept, this is one rate cut the Fed needs to deliver to avoid a market correction at the period of time the market is most susceptible.
* IMO this is becoming a traders market for nimble traders that don't attempt for overstay and get too comfortable, and for stale bulls to sell their 'dogs' into strength if opportunity arises; may be the last window [ obviously my opinion only, everyone needs to make their own decisions - We Are the Choices We Make]
Column 1 Column 2 Column 3 0 STOCK INDICES [US 12 Jul 24] Overnight % 1 DOW 0.62% 40,000 2 S&P500 0.55% 5,615 3 NASDAQ 0.62% 18,396 4 DXY -0.34% 104.08 5 US 2 YR -0.05% 4.458 6 US 10 YR -0.01% 4.187 7 AUD 0.38% 0.6784 8 GOLD -0.18% $ 2,411 9 SILVER -2.12% $ 30.79 10 BTC 0.97% $ 57,892 11 12 13 GOLD Overnight % 14 GDX 0.21% 15 GDXJ -0.38% 16 NEWMONT GOLDCORP(NEM) 0.72% 17 BARRICK GOLD (GOLD) 2.15% 18 AGNICO EAGLE MINES (AEM) 0.67% 19 SILVER 20 SIL -0.03% 21 SILJ -0.54% 22 PAN AMERICAN SILVER(PAAS) -1.17% 23 LITHIUM 24 SPROTT LITHIUM MINERS (LITP) 2.19% 25 GLOBAL X LITHIUM (LIT) 1.37% 26 ALBEMARLE (ALB) -0.08% 27 SOQUIMICH (SQM) 0.61% 28 LITHIUM AMERICAS (LAC) 1.85% 29 PIEDMONT LITHIUM (PLL) 2.68% 30 ARCADIUM LITHIUM 4.25% 31 PATRIOT BATTERY METALS 10.69% 32 COPPER 33 GLOBAL X COPPER MINERS(COPX) 1.48% 34 BHP 1.79% 35 RIO 0.64% 36 SOUTHERN COPPER (SCCO) 0.53% 37 FREEPORT MCMORAN (FCX) -0.45% 38 FIRST QUANTUM MINERALS (FQVLF) 2.43% 39 TECK RESOURCES (TECK) 2.57% 40 OIL 41 XLE 0.25% 42 EXXON (XOM) 0.01% 43 CHEVRON )CVX) 0.21% 44 OCCIDENTAL (OXY) -0.46% 45 CONOCOPHILLIPS (COP) -0.75% 46 MARATHON OIL (MRO) -0.56% 47 HALLIBURTON (HAL) 0.95% 48 COAL 49 RANGE GLOBAL COAL (COAL) 1.14% 50 PEABODY ENERGY (BTU) 1.05% 51 ALPHA METALLURGICAL (AMR) 2.16% 52 ARCH RESOURCES (ARCH) 1.56% 53 WARRIOR MET COAL (HCC) 3.03% 54 URANIUM 55 GLOBAL X URANIUM (URA) -0.26% 56 NICKEL 57 SPROTT NICKEL MINERS (NIKL) -0.30% 58 RARE EARTHS 59 OPTICA RARE EARTHS (CRIT) 0.36%
Small Caps Break-Out To Best Week In 8 Months; Bonds & Bullion Big Week On Bad Data
BY Zero Hedge
SATURDAY, JUL 13, 2024 - 06:00 AM
A bad data week...
Source: Bloomberg
...was good news for doves as rate-cut expectations soared...
Source: Bloomberg
...and despite yesterday's bloodbathery, all the US majors managed to rally into the green for the week early on today, with Small Caps literally exploding higher (up around 7% on the week!). A late-day selloff dragged Nasdaq red on the week though...
That was the Russell 2000's best week since November and broke it out to its highest since Jan 2022...
Source: Bloomberg
...and the biggest RTY/NDX outperformance week since Nov 2020...
Source: Bloomberg
Small Caps were aided by a massive short-squeeze this week which saw "most shorted" stocks soaring 10% - the biggest squeeze since Dec...
Source: Bloomberg
And while MAG7 stocks ended the week lower, it was only marginally, as today's bounce back erased some of yesterday's losses...but the late-day selling was predominantly among the mega-cap tech names...
Source: Bloomberg
And of course, after yesterday saw all 7 names ending red (for the first time since April), the rebound today was 'inevitable'...
Source: Bloomberg
0-DTE tracked stocks up and down today but the late-day selling pressure in stocks was NOT related to 0-DTE flow, in fact they bought the dip...
Source: SpotGamma
Stocks vs bonds this week... no idea!!!
Source: Bloomberg
Treasury yields tumbled on the week, led by the short-end...
Source: Bloomberg
...which prompted a dramatic bull steepening and almost un-inversion of the curve (2s30s)...
Source: Bloomberg
The dollar tumbled for the second straight week (the biggest two-week drop since December), erasing all of the gains seen since June payrolls...
Source: Bloomberg
Thanks in large part to USDJPY and BoJ 'help'...
Source: Bloomberg
Bitcoin managed gains on the week as ETF inflows dominated the German govt's dumpfest (as they emptied their coffers of every coin)...
Source: Bloomberg
BTC ETFs saw inflows for 5 straight days...
Source: Bloomberg
Gold surged back up near record highs this week, closing the week back above $2400...
Source: Bloomberg
Thanks to weakness today, crude prices ended the week lower as WTI rejected $83.50...
Source: Bloomberg
Finally, it was a big week for market moves but in the big picture equities remain in a universe of their own relative to global liquidity...
Source: Bloomberg
Are stocks expecting a massive liquidity fest?
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