Silver Soars As Nasdaq Underperforms Most Since 2009![](https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/styles/thumbnail/public/pictures/picture-5.jpg?itok=LY4e264-)
by
Tyler DurdenFri, 07/17/2020 - 16:00
TwitterFacebookRedditEmailPrintWell that was not supposed to happen...The Nasdaq 100 suffered its worst weekly underperformance relative to the S&P 500 since 2009...
Source: Bloomberg
Source: BloombergNotably, the reversal this week in Nasdaq relative to the S&P was at a key level from the past and found support at that level...
Source: Bloomberg
Source: BloombergAnd Nasdaq dared to put in a negative week (near its worst since March) - despite all the other majors green on the week (Small Caps outperformed)...
![](https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/2020-07-17_12-59-37.jpg)
Likely overheard today...
China also had an ugly week...
![](https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/bfmC332.jpg)
Source: Bloomberg
Source: BloombergIt appears TSLA momo has lost its mojo (pinned at $15000 for 3 days)...
![](https://zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com/s3fs-public/inline-images/2020-07-17_13-06-48.jpg)
As those far OTM options expire worthless...
Source: BloombergBanks were mixed with GS and JPM outperforming...
Source: BloombergMomentum dramatically underperformed value this week (first time in 6 weeks)...
Source: BloombergShorts were squeezed this week on Tuesday and Wednesday but were ominously quiet Thurs/Fri...
Source: BloombergThis won't end well... options traders are at their
most complacent since the peak of the dotcom bubble...
Source: BloombergTreasury yields ended the week lower (no thanks to three decent selling surges)..
Source: BloombergThe dollar ended the week lower (3rd week lower in a row) to its lowest weekly close since early March...
Source: BloombergIs the dollar about to breakdown hard?
Source: BloombergGold suggests it should...
Source: BloombergCryptos ended the week lower with Bitcoin the least worst of the bunch...
Source: BloombergCommodities ended the week higher, led by a big move for Silver...
Source: Bloomberg
Source: BloombergSilver's outperformance vs Gold has pushed the ration between the two down to its lowest since February (and back below the key 100x level)...
Source: BloombergFinally, The Fed Balance Sheet rose very modestly in the last week...
Source: BloombergAnd it appears the S&P future short squeeze is almost over...
Source: BloombergAnd don't forget, this whole market game is easy, right! Just buy the f**king overnight session...
Source: BloombergWhat happens next?
Source: BloombergSleep Well.